What to Do If You’ve Lost Your Job Due to COVID-19

Here's how you avoid a potential financial disaster from occurring.

As millions of Americans have quickly learned, permanency is an illusion. In the blink of an eye, they went from being gainfully employed to unemployed. Many people received very little notice, too, forcing them to scramble to gain access to their savings or secure other streams of income to survive on.

How to Stay Afloat Without a Steady Source of Income Coming In

If you've joined the ranks of the unemployed due to COVID-19, there are things you can do to help your situation. Some suggestions require little effort, and others may take more time and energy from you. Each gives you a varying degree of security after experiencing job insecurity. All are optional, based on your needs and desire to return to normalcy in your life.

Here are some things to do if you lost your job due to COVID-19:

  • 1. File for unemployment if you're eligible. You'll need to submit a claim weekly in the state that you worked in previously. If you cannot gain access to the unemployment website or phone line, keep checking back until you can get through.
  • 2. Contact your creditors and explain your situation. Make alternate payment arrangements. Many utility companies will not disconnect you due to failure to pay your bill. Remember, though. You'll have a more significant sum to pay at once if you put off paying on your accounts.
  • 3. Stock up on food and household supplies while you can. Take advantage of coupons and store sales. Make sure that you have at least a month's worth of items stocked in case your unemployment claim gets denied.
  • 4. Pay as much as you can to each one of your bills to keep your accounts current. You may not be able to pay the entire balance on your credit card accounts, but you should submit a payment for as much as you can afford. That way, you don't fall behind and lose the privilege of using the cards when you need them.
  • 5. Take advantage of relief funds and local programs meant to assist displaced workers. Join groups online that share information about COVID-19 relief. You don't miss out on an opportunity that you're eligible to take advantage of currently.

It's an unprecedented time historically. You may have never experienced this much financial adversity before in your lifetime. Knowing what to do to help you weather the storm keeps you from losing the things you worked so hard to acquire, such as a high credit score and minimal credit card debt. You can protect yourself after losing your job by taking action right away.

Save Your Credit By Staying in Touch with the Companies You Owe Money To

Remaining communicative with your creditors can prevent your accounts from going to collections. It also allows you to discuss the benefits of debt relief with Madison Monroe and Associates. We provide financial solutions that meet your needs and give you hope during trying times.

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