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Financial assessment important after job loss

Financial problems can strike at any time, and occasionally, they can arise without much warning. Medical emergencies can lead to high bills that patients cannot cover, and sudden job loss could lead to a tight budget that makes it difficult to pay monthly expenses. A death in the family could even result in a lower household income that makes it difficult for individuals to keep their finances in the black.

Fortunately, ways often exist that can help you and other Wisconsin residents assess your financial situation and determine how you can help yourself manage. For job loss in particular, it may be wise to make various changes to your financial affairs, even if just temporarily.

Step One: Assessment

After becoming unemployed, many people may simply feel stuck and not know how to move forward. Rather than remaining stagnant, it is important that you assess your financial affairs to determine what steps you can take immediately and where you may need to think long term. For example, you can add up your outstanding bills, track your spending, consider your monthly expenses and more to determine how much you typically spend. Knowing what you owe could go a long way in helping you prioritize.

Step Two: Look into benefits

Depending on the circumstances of your unemployment, you could qualify for certain benefits. You could obtain unemployment income, receive severance pay from your former employer or even receive a break on health insurance if you lost coverage provided by your former employer.

Step Three: Set up a budget

A budget can set you up to better understand how much money you have to spend and on what you should spend it. Having it in writing could help you better stick to that budget rather than trying to keep up with spending in your head. Your budget can also help you prioritize your bills so that you do not get behind on important financial matters.

Step Four: Remember you have options

If, even despite your best efforts, you find yourself facing a serious financial predicament with overwhelming debt, remember that you are not out of hope. If matters become too difficult for you to handle on your own, bankruptcy may be an option to consider. Gaining information on the various types, which one you could qualify for and how it could help may allow you to see a light at the end of the tunnel.

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