Recession
Unemployment
HOW TO PREPARE
“It’s a recession when your neighbor loses his job; it’s a depression when you lose your own.”
― Harry S. Truman
TIPS BEFORE RECESSION/UNEMPLOYMENT:
Make yourself indispensable at work so you don't get laid off during hard times
Always have at least 6 months of emergency fund
Build a side gig or side hustle that can make you enough money to survive during hard times
Be mentally prepared in advance before hand to make the situation as an opportunity and prepare to move quickly... ask what you will do if you loose your job
If you see a recession or laid off coming start pilling more cash for a year (if no recession or laid off happens use the cash and pay off debt),
Refinance any debt to free up more cash
Stock your pantry
Start cutting expenses
Looking for another job and have no idea were to look for? Then start making a list of future goals, future ideas, future businesses, future jobs you are interested in or jobs that sound fun. keep a list of what you think your skills are (good for writing a resume), keep a list of companies you admire, or hobbies you are interested in. Go to conferences, read books, blogs, trade journals, articles, look for what other companies are doing and keep current on that, do volunteer work in areas you are interested in, talk to people that work in the trade or area you are interested in
TIPS DURING RECESSION/UNEMPLOYMENT
File for unemployment benefits ASAP
Go to the nearest career center to get a new job as soon as possible or at least a part time job doing whatever is available enough to pay the basics
Cut expenses dramatically... be ruthless... create a very lean budget (cut 50%)
Avoid temptation of using credit cards... do not get into further debt.... it will only extend the pain for many rears... don't borrow money....earn it!!
Use it as an opportunity to explore your dreams specially if you realize you will never find a job in your industry
Rent the house... sell the cars.... and move to a place you don't need a car or get rid of your stuff and buy an RV
Explore the possibility of moving temporarily to another cheaper state or country...explore homeschooling for the children when you move while exploring building your own business
During a recession people start getting rid of stuff they cannot afford (cars,RV,boats) you can get a nice deal ..take over their loans and solve their problems. Do your buying when people are hurting so you can get good deals.
Recession creates opportunities for buying investments like stocks and real estate. Negotiate purchases, short sells, take over mortgages, Many investors get rich during recessions.
Start or buy a business on the side
Recently, many citizens have applied to receive unemployment benefits and may be interested in what other state-run benefit programs are available to help. Benefits.gov understands that finding and applying for unemployment benefits in your state may be difficult. In our new article, "Finding Unemployment and Other Resources in Your State", you can find information on locating state resources, eligibility requirements, and how to apply.
SOAR Programs and Social Security: The SOAR program provides a cross-agency approach to solving youth and young adult homelessness. SOAR provides unhoused young adults with faster access to the supportive services needed to maintain housing and stability
The Temporary Assistance for Needy Families (TANF) Program is a federally-funded, state-run assistance program for low-income families with minor children who cannot meet basic needs for food, clothing, or shelter. Each state has different types of benefits according to the needs of local families. Note: In many states, the program has a different name depending on where you live. Learn about the requirements to receive TANF benefits and how to apply through the local TANF office or social services agency in your state.
Unemployment Insurance provides temporary financial assistance to individuals who have lost their jobs. The program helps individuals meet their basic needs, such as housing, food, and utilities while they search for new employment opportunities.
How To Jumpstart a Financial Recovery
The Emotional Benefits of Volunteering When You're Unemployed
A Time To Prioritize Savings Over Debt Repayment
How To Use Your Credit Card After a Job Loss
Dealing with Depression During Tough Financial Times
How To Use Your Credit Card After a Job Loss
Discover unemployment resources
Dave Ramsey: 34 Tips To Live On An Extremely Low Income (YouTube)
My Unemployed Life: During his career, Dave Gartland lost his job 10 times. He explains how he motivated himself to keep going.
Ways To Avoid Feeling Deprived During Tough Financial Times
Unemployment Insurance Explained
Learn more about unemployment benefits at usa.gov
A Recession Preparation Checklist To Survive Bad Times
Free Anxiety Fixes for Tough Times
FIND SHELTER: Helping people facing homelessness find resources in their communities.
Get help for homelessness, hunger, and more
Afraid to Lose Your House or Car? Steps To Take
Eviction and foreclosure: Learn how you may be able to prevent or deal with foreclosure or eviction.
Ways To Avoid Feeling Deprived During Tough Financial Times
What to do if you’re facing eviction
The Benefits of Living on Limited Income
Health coverage options if you’re unemployed
What to Do If You've Been Laid Off From Your Job
Protect your rights after job termination
What Every Employee Needs To Know About Wrongful Termination
Laid Off in Your 50s or 60s? What to do? (podcast)
Ways to tighten the belt during tough times.
Ways To Help Friends Having Money Troubles
When You Don't Have Money for Food
A Time To Prioritize Savings Over Debt Repayment
Community help: Search for free or reduced cost services like medical care, food, job training, and more in Massachusetts.
Cutting Your Burn Rate During Tough Financial Times
Ann-Helén Bay: Why is it so hard to escape poverty? | TED Talk
Who Do I Contact To Get Financial Help?: State Social Service Agencies
Welfare benefits or Temporary Assistance for Needy Families (TANF)
What To Do When You Lose Your Job
Tools to help when you can’t pay your bills
Is Your Family Facing a Layoff? Tips from Families Who've Survived One.
13 Steps to Preparing for a Layoff
Dealing with Depression During Tough Financial Times
Stocking Up for Shortages and Emergencies
Surviving a Cash Crisis: 10 Places to Look for Extra Money
Handling Sudden Income Changes (Good or Bad)
7 Ways To Live Within Your Means Without Feeling Limited
What if I Can’t Pay My Bills This Month?
Low Income Household Water Assistance Program : The Low Income Household Water Assistance Program (LIHWAP) is a federal program that can help people with a low income pay their water bills. Help is available for individuals and families who live in U.S. states, territories and on tribal lands. While each LIHWAP program helps with water bills, your eligibility will depend on where you live. Learn more about LIHWAP and get state, territory, or tribal government contact information to find out how to enroll.
tips that can help you prepare for a layoff.
Credit Card Tips After You've Lost Your Job
The Benefits of Living on Limited Income
Food Rationing: Frugal Living Lessons from World War II.
Free Anxiety Fixes for Tough Times
Affordable Treats to Counteract the Stress of Tough Times
Living on a Tight Budget Simply and Successfully
9 Radical Cost Cutting Tips to Reduce the Tightest Budget
Cutting Your Burn Rate During Tough Financial Times
When Your Food Budget Is Critical
How Can Temporary Assistance for Needy Families Help You?
find 13 ways to save money on a tight budget!
How to Convince Friends and Family Members to Lend You Money
You Asked, Benefits.gov Answers: Temporary Assistance for Needy Families (TANF) FAQs
How to Handle Furloughs and Temporary Income Reductions
Steps to Take When You Don't Have Enough Money
Dealing with Depression During Tough Financial Times
13 Steps to Preparing for a Layoff
Tackling Debt When Bills Exceed Income
When You Don't Have Money for Food
5 Ways to Fill Your Pantry With Free Food
Explore Government Resources to Get Job Loss Support: Did you recently become unemployed? If so, you may have other concerns in addition to losing your income. There are a wide range of government resources that can help, whether it’s finding health insurance, getting workers’ compensation, reporting an employer for wrongful termination, or even searching for your next job. Understand these programs to find out if you’re qualified and how you can apply.
What if I Can’t Pay My Bills This Month?
How to Create a Recession Budget
How to Catch Up on Bills When You Fall Behind
Cutting Your Burn Rate During Tough Financial Times
Afraid You'll Lose Your House or Car?
Finding Reliable Transportation When You're Broke
Dealing with Reduced Work Hours and an Already Tight Budget
Finding Reliable Transportation When You're Broke
How to Tighten Your Belt in Tough Times
3 Financial Strategies for the Unemployed
6 Ways to Improve Your Finances During a Recession
How to Handle Furloughs and Temporary Income Reductions
5 Steps to Reducing Financial Stress
I’m about to Get Fired. How Do I Prepare?
Bare Bones Budgeting to Make It on Little Income
13 Steps to Preparing for a Layoff
What Every Employee Needs to Know about Wrongful Termination
Your Options When You're Unemployed and Getting Behind on Bills
What to Do If I’m Scared The Economy is on the Brink of Collapse?
I Lost My Job and It Might Be the Best Worst Thing That's Ever Happened to Me
Over 50 and Furloughed/Unemployed? Five Actions to Consider Now
10 Things You Must Know About Filing for Unemployment Benefits
3 Steps to Take If You're Laid Off Before Retirement
9 Steps You Should Take If You Lose Your Job
Financial Planning for Surviving Layoffs
How to Get a Job During a Recession - Clark Howard
How to Survive and Thrive During the Coming Economic Crisis: A Rational, Modern Approach Offer: This course will give you a clear and useful plan to prepare yourself and your family to survive and thrive in a future economic crisis.
Ten steps you need to take after losing your job
How to Get Emergency Financial Assistance & Help With Bills - Resources
How to Decide Which Bills to Pay First When You Have Limited Money - Clark Howard
How to Prepare for a Layoff - Clark Howard
Surviving 5 Years of Job Losses
Coronavirus: What to Do if You’re Out of Work | DaveRamsey.com
25 Inspirational Quotes For Challenging Times
Recession Investments: 5 Steps for STRESS-FREE Investing
How to Prepare for a Recession: Steps to Take Now - One Frugal Girl
When Your Adult Kid Wants to Borrow Money
Career Insurance: The Guaranteed Way To Prevent Unemployment
What Are Your Health Care Options if You’re Unemployed?
How Can You Get Help With Rent?
unable to make rental payments or facing housing issues, there are options to help. Understand what protections or programs are available in your area.
Check if there are protections for you under a local or state moratorium.
See what financial help is available in your area for renters and landlords.
If you’re currently facing eviction, learn what steps you need to take next like talking to a housing counselor or getting legal help.
PODCASTS
1) Listen to How to Respond to An Emergency Loss of Income from Radical Personal Finance on Apple Podcasts. https://podcasts.apple.com/us/podcast/radical-personal-finance/id896153632?i=1000470098528
2) Listen to How to Have a Low-Cost Adventure in the Midst of a Financial Depression from Radical Personal Finance on Apple Podcasts. https://podcasts.apple.com/us/podcast/radical-personal-finance/id896153632?i=1000472225850
3) Listen to REPLAY 193- from Radical Personal Finance on Apple Podcasts. Make a Backup Plan In Case You Get Laid Off In The Coming Recession: Simple Action Steps For You To Consider
4) Listen to 646 - Guide to Managing Medical Benefits When You Leave or Start a Job from Money Girl's Quick and Dirty Tips for a Richer Life on Apple Podcasts. https://podcasts.apple.com/us/podcast/money-girls-quick-and-dirty-tips-for-a-richer-life/id209859739?i=1000487169068
5) REPLAY 194-You Just Got Laid Off. Here's What To Do Next!
Today's show will be useful to you, even if you just got notice of your layoff and didn't do anything to prepare for it beforehand. The major theme of today's show is that you need to take appropriate action with appropriate speed. If you're stuck with little savings and no preparation, that means take massive action, now! If you've planned a bit better in advance, it means be strategic and thoughtful. We discuss: The impact of self-confidence on your job hunt. The importance of having work now and not being unemployed for a long time. How to take massive action on your job hunt for quicker results. What types of approaches are most successful for job hunters. Some radical strategies you can plan for that will enable you to simply wait out and enjoy the recession instead of being stressed by it! Enjoy!
REPLAY 192-Recession is Coming: How to Not Get Laid Off In the Next Recession For most of us, our jobs are the economic engine that drive every aspect of our financial plan. One of the worst things that can happen is to lose a job. If the engine on your car dies, you're going to be stuck by the side of the road for a while. That's not pleasant for anyone, even if you're stuck in a safe area. But, if you're driving up a mountain (paying off debt and digging yourself out of a hole), having your engine die can be disastrous. And, if you have a destination in mind (financial independence), losing the engine in your car will at least delay you from reaching your destination. So, the key is plan in advance to not lose the engine. Make sure you're doing the things you need to be doing now to avoid being laid off. Obviously, you can't guarantee that you'll never be laid off, but you can do a lot to improve your possibilities! On today's show, we cover: The need to proactively improve your position within your company, your company's position within the industry, and your industry's overall prospects in advance. Some ways to know if you've got a big target on your back or a small target on your back with the HR people are figuring out who to cut. The importance of competing with your fellow employees and of collaborating and cooperating with them and why both are valuable. Ways to stand out and produce up to 4x the output of your fellow employees. Enjoy the show!
Listen to How to Profit From a Recession from Radical Personal Finance on Apple Podcasts. https://podcasts.apple.com/us/podcast/radical-personal-finance/id896153632?i=1000470821190
Listen to 648 - 8 Essential Rules for Surviving Financial Hardship from Money Girl's Quick and Dirty Tips for a Richer Life on Apple Podcasts. https://podcasts.apple.com/us/podcast/money-girls-quick-and-dirty-tips-for-a-richer-life/id209859739#episodeGuid=https%3A%2F%2Fwww.podtrac.com%2Fpts%2Fredirect.mp3%2Fmedia.blubrry.com%2Ffinance%2Ftraffic.omny.fm%2Fd%2Fclips%2Faaea4e69-af51-495e-afc9-a9760146922b%2F92a0baf0-4fdb-44b8-89dd-ab25014e7e42%2F53513a91-03ac-486e-8592-ac1b013b046c%2Faudio.mp3
5 Ways to Profit From a Recession — If You Act Now | Money Talks News
How to prepare for the next recession BEFORE it arrives ~ Get Rich Slowly
HOMELESSNESS (USA.GOV)
The number of Americans facing homelessness has increased at an alarming rate. So many go without proper food and shelter, especially during the winter months. Check out health, food, housing, and other resources on how to get help if you or someone you know is in need.
Get veterans housing assistance, including VA loans for buying or improving your home.
Contact your local Continuum of Care (CoC) Homeless Assistance Program to learn about access to shelter, housing, and other resources.
Call 1-800-RUNAWAY (1-800-786-2929) or visit the National Runaway Safeline to access help for kids and parents facing homelessness.
Explore food assistance programs, including searching for a local food bank or applying for the Supplemental Nutrition Assistance Program (SNAP).
Keep important hotlines in mind. The Interagency Council on Homelessness compiled a list to call for help, in addition to other tools and tips to stay supported.
Get local help from 211. Dial 211, or visit 211.org to explore essential services in your area. Referral specialists can help link or refer you directly to an agency or organization that can help.
Tools to help when you can’t pay your bills
Consumer Protection Bureau (CPFB) offers a variety of tools including some designed to help you:
Options when you can’t make payments
If you have trouble paying your bills, loans, or paying on time, there may be a number of options to help, especially if you reach out early to your lenders or creditors.
Before you withdraw money from other sources
If you’re out of work and need income, find out what you should consider before withdrawing from your retirement savings or using home equity to cover expenses.
What you need to know before drawing from your retirement fund
What you need to know if you are thinking about using home equity to cover expenses
If you’re really in a bind, start with 2-1-1, a confidential service offered through United Way that’ll help you find the resources you need to find affordable housing, make rent or pay utilities. It’s there for people like you. To use the service, head to 211.org and enter your location. It’ll show you services in your community and give you a number to call. It’s a clearinghouse for help with food, housing, utilities and employment. If you’ve never asked for help before, that means you don’t know what kind of help is out there.
QUOTES:
Preparing for Tough Times: When it looked like my husband's company would be having to lay people off, we started taking steps to make sure we'd be financially ok if my husband lost his job. Our local grocery store often gives $10 off a $50 gas card when you buy $50 in groceries. I stocked up on cheap pantry essentials as they went on sale over the next month and made sure to buy enough to also get the discounted gas card. I ended up with four gas cards and a completely stocked pantry. My husband did end up getting laid off, but we did not have to spend much on food or gas while he searched for a new job, leaving enough money to easily cover our bills for those few months. Andrea from Dollar Stretcher