What Job Security?
While unemployment is the lowest it’s been in three years (at 8.5 percent) and more small business owners plan to hire this year, many professionals are still getting laid off.
Whether you own your own shop or work for someone else, “Everyone needs an emergency or unemployment fund,” says Michelle Jones, founder of Blue Ridge Publishing.
“At any moment, workers can receive cutbacks in hours, decreases in bonuses and benefits or time off without pay.”
Jones knows from experience. Her husband lost his job last year. “Job security is a thing of the past for most people,” she explains.
“Thankfully, we were financially prepared, at least for the first six months.”
What does Jones say to women without an unemployment fund? “Start this week!” She suggests setting up a new account with automated transfers as the easiest way to start building savings.
This means you won’t have to dip into other savings accounts or borrow from your 401(k).
Not sure how much to save? Jones calculated how much she’d need for one month with no income. Then she multiplied it by six.
If you qualify for unemployment insurance, benefits range from $200-$500 a week.
Bonus PINK Link: When it comes to your finances, here’s how you can expect the unexpected.
Minute Mentor: Barbara Felix, VP of business banking at Wells Fargo, talks about the best ways to distinguish business vs. personal finances.
By Christina Thompson
“The shortest period of time lies between the minute you put some money away for a rainy day and the unexpected arrival of rain.” Jane Bryant Quinn
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