Unemployment Benefits Set To Expire Soon. What Next?

by The Smarter Wallet on November 18, 2009

For many of the unemployed (actually, around 1 million people), there’s the worry that when January 2010 rolls along, they will be losing their unemployment benefits. This is because extended unemployment benefits are scheduled to expire by the end of the year unless the government does something about it. What to do then?

unemployment benefits

A while ago, I wrote a post that discusses what to do if your unemployment check runs out. Here are some general ideas:

(1) Turn to your community, local shelters and churches for possible resources.
(2) Try to conserve your funds as best as you can by limiting your expenses to only necessary expenditures. Perhaps you need a budget!
(3) Keep your eyes out for any job opportunity that opens up; even if a job is not in your line of work, you never know if it can eventually lead to something else that works out for you later.
(4) Explore various ways to generate income and be resourceful (for example, why not consider a pink slip party?).

Right now, people are making do with any kind of work that earns them an income. It’s hard to be picky right now — and you shouldn’t be, especially if you’ve been hitting the pavement (for a job) for a while now. But keep the faith as this economy *should* turn around….eventually.


Let’s keep up with our financial education with these great reads for the week:

Personal Finance Articles

  • The New Parents’ Guide: To get our finances in order, it’s important to develop a financial plan and set financial goals as a starting point.
  • Wise Bread: What if you can’t get a bank loan? Well here are 8 other ways and schemes you can try, to help finance your fledgling business.
  • Weakonomics: Here’s a comprehensive piece about money, gold and the FED, and why we should be concerned about the US dollar. Very compelling!
  • Len Penzo: Is LifeLock’s $1 million guarantee a sham? Len explores what Lifelock offers and also shares some do-it-yourself identity theft prevention tips.

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{ 2 comments… read them below or add one }

1 The Smarter Wallet November 19, 2009 at 10:31 am

I’m not sure I agree with this article, which seems to imply that we should beware of jobs that we pick and choose during challenging economic times. Sure, I think if you can “afford” (being the operative word) to avoid lower paying positions, jobs or career shifts, then by all means, stick it out and wait for better options.

For those who are at the end of their financial rope, I think that “waiting” for opportunities that seem to demonstrate a more appropriate fit to your skills and background isn’t a good idea. I think that the key here is that *we* try to fit the needs of the current market and job environment, and not be afraid of the impact to our careers. Speculating and worrying about what a demotion or survival job is going to do to us is harmful, IMO. Why not think the opposite: maybe a demotion or survival job has a silver lining? Could it potentially lead to bigger and better opportunities?

I say, just go with the flow. Unfortunately, the state of the economy and job market today does not give us much choice. The important thing is to stay relevant in this economy. Personally — I’d be open to a career shift if that would keep me afloat.

2 Ashley November 19, 2009 at 1:08 pm

Good post, and glad you clarified your stance in the comments. Too many people wait until they are at the end of the line to try and better their situation. I’m not saying the day you are no longer employed you should start living off PBJ, and denying yourself all luxury items but you should start cutting back until it’s as bare bones as you can stand.

The sooner you acknowledge your situation the more you can save for the future in case you end up in that situation longer than you anticipated.

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