How to cope with unemployment? The recent pandemic has rendered the entire globe helpless – not only in terms of health but the economy as well. Economist Michael Hicks of the Ball State University projects an increase in unemployment with a total of 28 million jobs are at risk of layoffs. In addition, the St. Louis Fed projects job losses could total to 47 million and unemployment may hit 32%.
Unemployment in a time of crisis is frightening.
Are you currently unemployed? Did you lose your job? How to cope with unemployment? In a 2019 Charles Schwab survey, 59% of Americans live paycheck-to-paycheck. Here we enumerate ways to cope with unemployment.
How to Cope with Unemployment
- Focus on your mental health first.
- Review your finances.
- Discontinue non-essential purchases.
- Create a new budget.
- Look into government unemployment benefits.
- Do something to boost positivity.
- Reevaluate your career choice.
- Update resume and cover letter.
Moreover, Business Insider provides more detail in terms of unemployment benefits:
“You can claim unemployment benefits if you lost your job through no fault of your own. The U.S. Department of Labor says it takes two to three weeks to start receiving benefits after you file a claim, so start the process the instant your job ends. Some states allow you to apply over the phone or online, while others require an in-person visit. To find out what your state offers, check out the DOL’s list of state unemployment offices,” excerpt from an article by Business Insider.
The article also mentions a ‘combined state/federal program called ‘Extended Benefits’ that provides 13 to 20 weeks of additional benefits to those exhausting state compensations. However, this is only available to states with an unemployment rate is above the established threshold.
While unemployed look for temporary work such as seasonal employment, temporary jobs, and side jobs. Moreover, don’t stop having fun. Read: One Vitamin Every Woman Should Be Taking