Boosted $300 Unemployment Checks Ending Soon? What Steps You Need To Prepare

Boosted $300 Unemployment Checks Ending Soon? What Steps You Need To Prepare

In March, the American Rescue Plan was signed into law, and that bill did more than just put $1,400 stimulus checks into recipients’ bank accounts. It also gave workers on unemployment benefits an extra $300 a week through the beginning of September.

At this point, 26 states have ended that enhanced aid ahead of schedule, citing labor shortages as the reason why. But that boost is still in place in 24 states through Labor Day, so if you’re collecting unemployment, you may not be out that extra money just yet.

Still, the likelihood of that boost getting extended beyond early September is low, especially given the way the U.S. jobless rate has declined in recent months. As such, now’s the time to prepare for that extra aid to end — and position yourself to get a job if doing so is feasible. Here are some important steps to take to help you prepare.

1. Get on a budget

You may not be able to go back to work in early September when your boosted jobless benefits run out. And even if you are able to resume working, you may start earning less at your new job than what unemployment has been paying you.

That’s why it’s a good idea to get on a budget now. That way, you can immediately start cutting back on expenses and perhaps bank some extra savings to buy yourself wiggle room for when that boost runs out. Your budget will also come in handy once that extra aid goes away — especially if your income on a whole takes a hit.

2. Update your resume

If you’ve been out of work for a long time, then get ready to dust off that resume and gear up for a job search. In fact, it’s a good idea to update your resume if you haven’t touched it since before the pandemic.

Even if you’ve spent the past year out of work, you may have done other things that prospective employers should know about. For example, if you volunteered for a food bank in your neighborhood, that’s the sort of information you’ll want to include.  ReadMore


Source : ibtimes