Articles - Archived Expert Advice

Dealing With a Job Loss

I got married, then lost my job. With all the bills and other financial responsibilities, I don't know where to start. Can you help?

Losing significant income can leave families in a state of financial panic. Deciding which bill to pay first is a tall order, let alone adjusting to a new lifestyle. You can minimize the impact of the loss by making decisions that positively affect your financial picture. Start by paying secured debt, such as your home or vehicle, to avoid falling behind and possibly losing them.

Make contact with the N.C. Employment Security Commission at www.ncesc.com regarding your eligibility to receive unemployment benefits. This can be a valuable resource for temporary income while you are seeking employment.

Another important consideration is whether or not you currently have health insurance. You'll need to factor in the cost of obtaining coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA) or another provider so that you can maintain current insurable status.

After the loss of a job, this is best time to evaluate spending habits on all fronts. For example, do you really need a "soup to nuts" cell phone plan that includes more minutes or special features than you actually use? Or, if your insurance premiums are high, it might prove beneficial to shop around.

Lastly, LGFCU offers a complimentary Financial Wellness Service for members. We create personal financial plans that offer strategies and tips on how to manage financial matters, whether you're facing a job loss, planning a budget or simply desiring to eliminate debt. This plan not only helps you understand where you stand financially, but acts as a guide to help think things out long term. Please call 877.367.5428 to discuss your financial situation in detail. We'd love to help!