Facing Financial Uncertainty? Take Action Now.
Transitioning from Survival to Success
You can reduce stress
and financial uncertainty brought on by job loss or reductions in income by
focusing on the financial aspects under your control. Transition from survival to success with
these five key actions, additional options when facing financial hardship, and
top 10 questions to ask your employer before your last day of work.
1. Create A Crisis Household Budget & Act On It Immediately
minimum expected income, and pay priority expenses first such as housing,
utilities, food, medical and basic transportation. Reduce all other household
spending and send minimum payments to outstanding bills.
2. Complete An Asset Inventory
out how long your severance package & savings will last and make a list of
asset values including retirement accounts. Consider liquidating non-retirement
assets before retirement accounts to avoid early withdrawal penalties and
impact on income taxes.
3. Maintain Health Insurance
insured and check out eligibility and rates with MNSure at (855) 366-7873 and
or Minnesota Health Care Programs at (800) 657-3672 and http://www.health.state.mn.us/clearinghouse/public.htm, or pay COBRA at your own expense.
online at www.uimn.org or call (651) 296-3644 or (877) 898-9090. Apply for benefits as soon as you are unemployed because
your claim starts the week you complete the application. However, you may not
apply until after your last work day.
5. Consider Your Career and Training Options
for jobs with local temporary employment agencies and sign up with Minnesota
Job Service at https://www.minnesotaworks.net/ or call 800-657-3858 for career & resume building
services, re-training, and educational opportunities.
Call LSS Financial Counseling at 888.577.2227 to discuss debt management strategies and mortgage foreclosure prevention options.
Top 10 Questions To Ask Your Employer Before Your Last Day Of Work
- What is the reason for layoff? Am
I eligible for re-employment in the future?
- Ask for details on health
benefits, retirement plans, and any other benefits the company
provides. When will the coverage
- Can you continue receiving coverage of any of the company plans, and for how long?
- Check on funds in flexible
spending accounts or Health Savings accounts. How long will you have
access and are they portable?
- When is the final pay check date and will vacation time be paid out?
- Will you receive any severance and
if so, when will it be paid out?
- Does the company offer outplacement
services or help to find a new job?
- What will the company say when
contacted for an employment reference?
- Who can be contacted for a
- Can a generic written reference be
provided for use with multiple employers?
Additional Options When Facing Financial Hardship
- Contact mortgage lender(s) to ask for a special payment plan or loan modification.
- Call lenders and ask to defer payments, pay interest only, or rewrite vehicle loans and/or other loans holding an asset as collateral.
- Call student loan lenders to ask for a forbearance based on financial hardship.