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Uri · Guest

The rumors are our factory will soon be shutting down. I was wondering what one can do prior to becoming unemployed (apart from looking for a new job) to help with this situation?

I have a wife and 2 kids to care for!

Yolande · Posted: Sat Jun 04, 2005 4:26 am Post subject: your own unemployment benefits --

Uri,

I wanted to share with you something about my strategy towards unemployment; I am 50 years old and have been unemployed twice these last 10 years. I am the mother of two kids which I proudly say I sent to University on my own.

I always wanted to sent my kids to Uni, in my family there are no degree holders and I wanted to break this 'curse'. I knew clearly my goals, I put some money aside and started investing. Company restructuring cam unexpectedly I was not sure if I should touch my investment or what to do!

How will pay I pay the mortgage? Luckily .... I did not have to. I had created my own emergency fund it was not much but I knew that some day I could need it. To be honest I always thought it would be a medical emergency.

I did get unemployment benefits but 2 kids cost a lot! So the benefits and my own funds really helped me get through this period.

When I started building my emergency fund I wanted it to last me 4 months. I kept track of these expenses over a period of 4 months so I knew what I needed.

Food and Shelter - restaurants, pets, groceries, rent or mortgage, utilities
Transportation - car, public transport
Insurance and Health - home, auto, life, health insurance, regular prescriptions
Taxes – Income, property taxes
Finding a New Job - employment agency fees, phone calls, travel, training

Of course this fund was calculated on the current life style ... when unemployed I would surely cut on the trips to the hair dresser!

I saved my emergency fund over a period of three years, my bank manager suggested I put these in a money market fund. These are supposed to be the safest funds.

This was my strategy!

hope it helps & Good Luck Uri
Yolande

Carole · Posted: Sat Jun 04, 2005 8:59 am Post subject:

Where do you live, Uri?

If you're here in the UK then you can at least rest assured that you and your family won't starve or be left homeless.

Although state benefits aren't much to write home about, they do offer an umberella against the worst of the bad weather until you're able to once again support yourself financially.

Any savings you have will need to be declared although I believe you can have up to £2,000 without it affecting the amount of benefits you'll be paid. You'll also need to declare any other income you have whilst in receipt of state benefits.

Carole

7days · Posted: Mon Jun 06, 2005 7:33 pm Post subject: Unemployment Issues

This sort of thing can happen to anyone, so do not blame yourself and do not feel bad. It's a part of life and it usually does happen to anyone and everyone. One never thinks it will happen to them, they are such a great worker, but it happens to everyone anyways.

Perhaps it is time for you to go back to some college or take some night classes, take some online course, go to the library if you can't afford to purchase books. Learn a new field or improve the skills you already have in the field you are in already by updating your skills. That's what I had to do every time I was in between jobs. Well it at least gives you something to do besides worrying, and every few years one has to update skills anyways.

In the USA, there are plenty of resources for you such as unemployment benefits, medical assistance if you are disabled and have less than $2,000 in assets. You can have a car or a house you are living in, but not an IRA or more assets than the $2,000 so keep the bank money under that. And you don't have any collections if they ask you either.

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