unemployment Archives - The Free Financial Advisor

8 Things You Should Immediately Do If Your Husband Loses His Job

May 12, 2025 by Travis Campbell Leave a Comment

Image Source: unsplash.com

Losing a job is never easy, especially when it happens to your husband and your family’s financial stability is suddenly at risk. The uncertainty can feel overwhelming, and it’s natural to worry about how you’ll pay the bills, keep up with expenses, and maintain your lifestyle. But here’s the good news: you’re not powerless. You can take clear, practical steps immediately to protect your family and regain a sense of control. Acting quickly and thoughtfully if your husband loses his job can make all the difference. Let’s walk through eight essential things you should do immediately to weather this storm and come out stronger on the other side.

1. Take a Deep Breath and Assess the Situation

When your husband loses his job, emotions can run high—fear, frustration, and even anger are all normal. Before making any big decisions, take a moment to breathe and assess the situation together. Sit down as a team and talk openly about what happened, what severance or benefits (if any) are available, and your immediate needs. This initial conversation sets the tone for how you’ll handle the coming weeks. Remember, you’re in this together, and a calm, united front will help you both think more clearly and make better choices.

2. Review Your Household Budget

Now is the time to get up close and personal with your finances. Pull up your bank statements, list all sources of income, and tally up your monthly expenses. Identify which costs are essential—like housing, utilities, groceries, and insurance—and which can be trimmed or paused for now. If your husband loses his job, your budget becomes your lifeline. Consider using a budgeting tool or app to help you track spending and spot areas where you can cut back. The goal is to stretch your resources as far as possible while you navigate this transition.

3. Apply for Unemployment Benefits

Don’t wait to file for unemployment benefits. Each state has its own process, but applying quickly ensures you’ll start receiving payments sooner, helping to bridge the gap while your husband searches for new work. According to the U.S. Department of Labor, unemployment insurance can provide crucial temporary income. Ensure you have all necessary documents, such as your husband’s work history and reason for job loss, to avoid delays. If you’re unsure about eligibility, check your state’s unemployment website for details.

4. Communicate with Creditors and Service Providers

If you anticipate trouble making payments on your mortgage, credit cards, or utilities, reach out to your creditors and service providers right away. Many companies offer hardship programs, payment deferrals, or reduced payment plans for families facing job loss. Being proactive can help you avoid late fees, penalties, or damage to your credit score. Explain your situation honestly and ask about available options. You might be surprised at how willing companies are to work with you during tough times.

5. Explore Health Insurance Options

Losing a job often means losing employer-sponsored health insurance. Don’t let your family go without coverage. Look into COBRA continuation coverage, which allows you to keep your current plan for a limited time (though it can be expensive). Alternatively, explore options on the HealthCare.gov Marketplace or see if your children qualify for Medicaid or CHIP. Health insurance is especially important if anyone in your family has ongoing medical needs, so make this a top priority if your husband loses his job.

6. Tap Into Your Emergency Fund (If Needed)

If you’ve built up an emergency fund, now is the time to use it. These savings are meant for exactly this kind of situation. Withdraw only what you need to cover essential expenses, and keep careful spending records. If you don’t have an emergency fund, don’t panic—focus on the other steps in this list to stabilize your finances. Remember, using your emergency fund wisely can help you avoid high-interest debt and keep your family afloat while your husband looks for new work.

7. Update and Polish Your Husband’s Resume

A fresh, updated resume is key to landing a new job quickly. Help your husband review his resume, highlighting recent accomplishments, new skills, and relevant experience. Consider tailoring the resume for specific industries or roles he’s interested in. If it’s been a while since he’s job-hunted, check out free resources from CareerOneStop or local workforce centers. A polished resume, paired with a strong LinkedIn profile, can open doors to new opportunities and help your husband stand out in a competitive job market.

8. Lean on Your Support Network

Don’t underestimate the power of your community. Contact friends, family, and professional contacts to let them know your husband is looking for work. Networking is one of the most effective ways to find job leads and get referrals. At the same time, don’t be afraid to ask for emotional support. Job loss can take a toll on mental health, so check in with each other regularly and consider talking to a counselor if stress becomes overwhelming. Remember, you’re not alone—many families have faced this challenge and become stronger.

Turning a Setback Into a Fresh Start

When your husband loses his job, it’s easy to feel like the world has turned upside down. But with a clear plan and a proactive mindset, you can turn this setback into a fresh start for your family. By taking these eight steps, you’ll protect your finances and build resilience and confidence for whatever comes next. Remember, every challenge is an opportunity to grow, adapt, and support each other in new ways.

What steps have you taken when facing a job loss in your family? Share your experiences or tips in the comments below!

Read More

8 Signs Your Marriage Lacks True Love

Can Money Fix a Broken Relationship?

Travis Campbell

Travis Campbell is a digital marketer/developer with over 10 years of experience and a writer for over 6 years. He holds a degree in E-commerce and likes to share life advice he’s learned over the years. Travis loves spending time on the golf course or at the gym when he’s not working.

10 Signs You’re Actually Having A Harder Time Than Most Americans

February 20, 2025 by Latrice Perez Leave a Comment

Image Source: 123rf.com

In today’s economy, many people experience financial difficulties, job instability, and rising costs of living. However, if you find yourself constantly struggling with basic needs, mounting debt, or deteriorating mental health, you may be facing more significant challenges than most Americans. Recognizing these warning signs can help you take proactive steps toward finding solutions. Here are 10 indicators that suggest you’re having a harder time than the average person.

1. Your Paycheck Is Gone Before the Month Ends

Earning a paycheck should provide financial stability, but if your money disappears before the month is over, you may be struggling more than the average American. Living paycheck to paycheck is common, but when you’re constantly choosing between paying rent, utilities, or groceries, it’s a sign of deeper financial distress.

A 2024 report revealed that nearly 60% of Americans live paycheck to paycheck, yet many still manage to save or cover emergencies. If you have no buffer and every dollar is spent the moment it comes in, it’s time to assess your spending, explore ways to boost income, or seek financial assistance programs that can help you break the cycle.

2. Escalating Debt Levels with No End in Sight

Debt is a common issue, but if your balances keep growing while your payments barely make a dent, you’re in a financially dangerous cycle. In 2024, Americans collectively held over $1.2 trillion in credit card debt, with interest rates at record highs.

If you find yourself using credit cards to cover everyday expenses because your paycheck doesn’t stretch far enough, it’s a sign that your financial struggles are more severe. Without intervention, mounting debt can lead to collection calls, wage garnishments, and long-term financial damage. Seeking debt consolidation options or financial counseling can help you regain control.

3. Inability to Cover Unexpected Expenses

If an unexpected expense would force you to take out a loan, max out your credit card, or borrow from family, you’re financially overextended. Recent reports indicate that nearly 23% of Americans have past-due medical bills because they simply couldn’t afford the costs upfront.

The inability to absorb even small financial shocks is a sign that you’re struggling more than the average American. Finding ways to build even a small emergency fund—by automating savings or cutting small luxuries—can help you feel more secure.

4. Declining Mental Health Due to Financial Stress

When money troubles dominate your thoughts, leading to sleepless nights, anxiety, or depression, it’s more than just a rough patch—it’s a serious concern. A 2024 survey revealed that 43% of U.S. adults reported higher anxiety levels compared to the previous year, with financial worries being a top stressor.

Chronic stress over bills, debt, or job insecurity can impact physical health, relationships, and overall well-being. If financial stress is taking a toll on your mental health, seeking support from a therapist or financial advisor can help you develop coping strategies and solutions.

5. Struggling to Maintain Stable Employment

Image Source: 123rf.com

Job insecurity or chronic underemployment can be a significant indicator that you’re struggling more than most Americans. While the U.S. economy grew in 2024, many individuals still face layoffs, reduced hours, or jobs that don’t pay a livable wage.

If you’ve been stuck in a cycle of unstable jobs with little career growth, it may be time to explore new opportunities, skill-building programs, or alternative income streams. Long-term unemployment or stagnant wages can make it nearly impossible to get ahead financially.

6. Housing Instability and the Fear of Eviction

Housing costs have skyrocketed, leaving many Americans struggling to keep a roof over their heads. If you’re behind on rent, facing eviction, or living with family because you can’t afford your own place, you’re in a more precarious position than most. The number of unhoused individuals in the U.S. has increased significantly, with rising rental prices being a major factor. Affordable housing programs, rent assistance, or budgeting for a lower-cost living arrangement could help stabilize your situation.

7. Avoiding Medical Care Due to High Costs

Skipping doctor visits, ignoring prescriptions, or delaying medical care because you can’t afford it is a major sign of financial hardship. Despite healthcare reform, millions of Americans remain uninsured or underinsured. In 2024, 12% of adolescents and nearly 5% of adults reported serious mental health concerns but didn’t seek treatment due to costs. If you find yourself neglecting your health because of financial barriers, researching low-cost clinics, government programs, or employer health benefits may help.

8. Social Isolation Due to Financial Struggles

When money problems make you withdraw from friends and family, it’s a sign that financial stress is impacting more than just your bank account. Social isolation can lead to worsening mental health, depression, and anxiety. Studies show that those facing financial difficulties are more likely to feel disconnected and ashamed, making it harder to ask for help. Finding free or low-cost ways to engage with loved ones can help you maintain social connections while working through financial hardships.

9. Relying on Credit Cards for Everyday Essentials

Using credit cards as a lifeline for groceries, utilities, and rent is a sign that your expenses are outpacing your income. In late 2024, credit card debt surged as Americans struggled with inflation and rising living costs. While credit can be a useful tool when managed properly, relying on it to cover necessities often leads to financial disaster. If you’re only making minimum payments while your balance grows, it’s time to explore debt repayment plans or additional income sources.

10. Feeling Hopeless About Your Financial Future

One of the most significant signs that you’re struggling more than most Americans is the overwhelming belief that things will never improve. If you’ve lost motivation, stopped looking for financial solutions, or feel trapped in your circumstances, it’s crucial to seek help. Financial counseling, community assistance programs, and mental health resources can provide guidance and support. Recognizing the problem is the first step toward reclaiming control and making a plan for a more stable future.

Support Can Make A Difference

Seeking support and exploring financial resources can make a significant difference. If you identify with multiple signs on this list, taking proactive steps—whether through budgeting, side gigs, or professional counseling—can help you move toward stability and relief.

Do you feel like you’re constantly struggling in life, while others are doing well? Have you searched for help? We’d love to hear your story in the comments below.

Friendship Debt: 8 Personal Reasons Your Friends Aren’t Paying You Back

Why Did He Do That? 10 Reasons He Dumped You (Yes, One is Financial)!

Latrice Perez

Latrice is a dedicated professional with a rich background in social work, complemented by an Associate Degree in the field. Her journey has been uniquely shaped by the rewarding experience of being a stay-at-home mom to her two children, aged 13 and 5. This role has not only been a testament to her commitment to family but has also provided her with invaluable life lessons and insights.

As a mother, Latrice has embraced the opportunity to educate her children on essential life skills, with a special focus on financial literacy, the nuances of life, and the importance of inner peace.

Is There Any Recourse for an Eviction Due to Job Loss?

August 24, 2020 by Tamila McDonald Leave a Comment

eviction due to job loss

Due to COVID-19, millions of Americans lost their jobs. While moratoriums were put in place to protect them from eviction, time is running out. The protection offered by the CARES Act ended on August 24, leaving many renters vulnerable if their state didn’t extend protection beyond that date. Additionally, the CARES Act requirement didn’t apply to all properties, meaning some renters were experiencing trouble before that help came to an end. As a result, it’s normal to wonder if there is any recourse for an eviction due to job loss. If you’re concerned about being forced out of your home, here’s what you need to know.

[Read more…]

Tamila McDonald

Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.

Job Loss: What to do

May 13, 2020 by Jacob Sensiba Leave a Comment

Losing your job is like a big punch to the gut. At first, it’s hard to process, but then your head starts spinning. What will I do for work? How will I pay my bills and put food on the table? What will my family do?

Taking a deep breath is a good first step. After that, it’s time to put a plan into action. Many of you could be experiencing this right now, given what the world looks like today.

In this article, I’m going to lay out how to financially prepare before and in the midst of a job loss.

First thing

As I said, this will be a big shock to absorb. Give yourself some time to realize what has happened. More than likely, you’ll go through the 5 stages of grief.

Unemployment

One of the first things you should do is apply for unemployment. There might be some hoops that you have to jump through, but one imperative item you need to confirm with your old employer is that you were let go and without cause. Resigning or being fired for cause disqualifies you from collecting unemployment.

Set money aside for taxes. Unemployment does not withhold FICA taxes or state income tax (if applicable). If you normally receive a refund, you might get a reduced refund or none at all. Plan accordingly.

Severance

The next step has to do with severance. If you were let go or fired without cause, your company will, most likely, offer it to you. It isn’t required by law, but most companies do it. Take severance home and review it closely. Don’t sign right away. Once you’ve reviewed it, take it back and negotiate.

Job Search

Starting looking for a new job right away. It does not pay to wait. All jobs are first come first served, set get searching as soon as possible.

Be picky, but pick up a job of some sort that will provide you with some cash flow.

Is now the time for a career change? Have you been dissatisfied with your industry or line of work? Do you have the skills and/or qualifications to make such a change? These could be questions to consider.

Finances

With regard to any debts that you have outstanding, call your creditors and see if they will let you defer payments, or at least make reduced payments, for a while. Also, make the minimum on your debt payments. Having cash available for other necessary items is more important.

Relentlessly cut expenses and review your budget with fine-toothed comb. Again, cash flow is your friend in your new situation so the more liquidity you have the better.

Pad your emergency fund. Obviously, this is something that needs to be done before you lose your job, so it’s imperative that you listen. Common advice is to save 3-6 months’ worth of expenses. If you’re self-employed and are responsible for payroll and other business expenses, it’s prudent to have 6-12 months worth saved.

HELOC? That stands for Home Equity Line of Credit. Is that something you are able to do? Is that something that you want to do? A HELOC turns the equity you’ve accumulated on your home into a loan.

Insurance

Life and disability insurance are very important coverages to have, but a just loss and loss of income could derail those coverages. There is a rider that can be added (waiver of premium) at the time of application so your policy stays in force while you are unable to make payments. *Be advised: this has to be done when you sign up, not after the fact.*

Healthcare is another important item to take care of. First off, if you have any appointments you were waiting to schedule, do it now before your coverage changes. The next step is to find a suitable replacement for your current coverage. This could be taking your spouse’s insurance, finding new coverage on the marketplace, or signing up for COBRA.

Retirement

Avoid dipping into retirement savings – this should be your last resort. Retirement savings accrues most effectively when you leave it alone. That’s when compounding works the best. Not only that, withdrawing funds prematurely will subject you to income taxes and an early withdrawal penalty.

Do you have 401(k) loans? If the answer is yes, you’ll be required to pay that loan back in its entirety in the next 60 days, otherwise, it’ll be considered a withdrawal. Again, taxes and a penalty.

Make a decision on what to do with the old retirement plan – Do you roll it to your new employer, roll it to an IRA, or leave it with the current institution. If you have a lower account balance, your HR department could require you to transfer it or cash out. Each company is different.