Experiencing unexpected coronavirus unemployment can be a scary thing. Overnight, it can change how you view and plan your overall finances. With Delaware’s unemployment rate soaring to 14.3% in May of this year, we know this is a fact that’s all too real for so many of our members. Which is why we put together some ideas on planning your finances during the unexpected.
File for unemployment
The first thing you should do when you become unemployed is to file for unemployment benefits. Each state manages unemployment differently (here’s Delaware’s), so make sure you file where you were working. A general rule of thumb to submitting a claim is to “ have a copy of your paystub, bank information, and first and last date of work available to share.” Because of COVID, some usual rules for filing have changed. The one-week waiting period has been waived, benefits have increased by $600 per week (through July 31), and the 26 week benefit period changed to 39 weeks.
Revisit your budget
Having a budget during normal times is a great way to stay in charge of your finances. But a budget during a huge life change like unemployment can keep you financially afloat. If you’ve lost your job and are still waiting for a coronavirus unemployment check, organize your budget and start cutting costs that are not entirely essential. Easy targets for this are dining out, shopping, and subscription services like magazines and monthly boxes (think: Ipsy or Hello Fresh).
Make a plan for debt
Debt is another unfortunate fact for many Americans. Some, like mortgages, are not as easy to pay off and can be especially stressful when unemployed. But it pays to start small. Start by consolidating your credit card debt and reviewing your loan options first. From there, you can evaluate the pros and cons of refinancing your mortgage or auto loan.
Know your resources
When in doubt, tap into your resources. The Usa.gov site has an entire page on unemployment help that includes information about unemployment insurance, COBRA, and programs for those unemployed. The Delaware Department of Labor also has important resources that are relevant to the state. Lastly, at DEXSTA, we have options like paycheck stabilizer loans to help you make ends meet.
Stay in control as a DEXSTA Member
As a DEXSTA Member, you’re part of the family. And we make sure our family members are well cared for––from understanding their financial options to tracking spending easily with the DEXSTA mobile app. We’re here to help.