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:

1. File unemployment. Even if you are unsure if you are eligible, apply.
2. Before accepting Cobra for 18 months, explore private health insurance, as it may be cheaper.
3. It’s easier to enroll than ever before. No enrollment window nor proof of loss of coverage needed. 
4. Ask for a mortgage modification to reduce your monthly payment.
5. Reach out to lenders on other debt re: waiving fees, deferring payments, or extending the term of the loan. 
6. Tighten your belt on spending. Extreme conditions call for extreme measures. Your entire family needs to be on board.
7. Notify college right away if you lose a job so they reassess your child’s tuition and financial aid.
8. While employed, build an Emergency Fund and consider refinancing your mortgage interest rate to reduce your payment.
9. Rule of thumb: It’s likely worth doing if the new interest rate is 50 basis points (or half a percent) lower.