7 Actions to Take Now, If You Have Lost a Job or Have Job Insecurity
Nora Yousif, CFP®, CDFA®, Financial Advisor, and First Vice President of RBC Wealth Management, suggests the following, plus click above to catch her on NBC Boston, covering Minding Your Money During The Virus:
- File unemployment. Even if you are unsure if you are eligible, apply.
- Before accepting Cobra for 18 months, explore private health insurance, as it may be cheaper.
- It’s easier to enroll than ever before. No enrollment window nor proof of loss of coverage needed.
- Ask for a mortgage modification to reduce your monthly payment.
- Reach out to lenders on other debt re: waiving fees, deferring payments, or extending the term of the loan.
- Tighten your belt on spending. Extreme conditions call for extreme measures. Your entire family needs to be on board.
- Notify college right away if you lose a job so they reassess your child’s tuition and financial aid.
- While employed, build an Emergency Fund and consider refinancing your mortgage interest rate to reduce your payment.
- Rule of thumb: It’s likely worth doing if the new interest rate is 50 basis points (or half a percent) lower.
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