Feature Articles: Financial Information & Tips
Just Lost Your Job? Don't Panic!
Brenda Procter, M.S., State Specialist & Instructor Personal Financial Planning, University of Missouri Extension
Nancy Flood, M.S., Consumer & Family Economics Specialist Northeast Region, University of Missouri Extension
Losing your job is high on most lists of major
stressors. It can throw anyone for a loop, especially at
first. If this has happened to you, don't panic. It is
natural to worry, but you can take back control and
reduce the damage for you and your family.
Remember that people's income drops for all kinds of
reasons. It may be job loss, but it could also be a
recession, death, divorce, or something else. Whatever
the reason, don't blame yourself. That wastes energy you
need to do something about it.
Immediately file for unemployment benefits by telephone
or on the Internet. To file by phone, call
1-800-320-2519. On the Internet, go to
www.ui.dolir.mo.gov.
If you are denied benefits and you disagree, follow the
directions on the determination form you get back.
Appeal in writing and include your name, social security
number, a copy of the determination form, and a detailed
explanation of why you disagree.
Talk to your family. You all feel frustrated and need to
express your feelings. Lay all issues out on the table
and talk, talk, talk. Include everyone in the decisions.
Talk about what is really important, and get the whole
family working together to meet the challenge. Your
family can come out stronger because of this.
Be realistic about your financial situation. Take
stock of family resources and tap into any government or
community resources you can find. Make a spending plan
with your family, and use it.
Don't run from creditors and overdue bills. Decide
which bills are the most important and pay them first.
Communicate with creditors and try to work out a reduced
payment plan. If that is not possible, pay at least
something on your bills. Unless you have a
life-and-death situation, stop using your credit cards
immediately. If you need help with bills, call
1-800-388-2227 to find your nearest Consumer Credit
Counseling Service.
Ask about any company benefit plans. Check the status
of pensions, annuities, profit sharing plans, or stock
option plans.
If you need help to tide you over right now, contact
the Career Center at 1-800-392-2949 for resources and
advice or contact your local Division of Family Services
(DFS) office to see if you qualify for cash assistance,
food stamps, medical benefits, or other services for you
or your children. To find your local DFS office, look in
the phone book or call toll-free at 1-800-392-1261. The
taxes you pay fund these services so use them if you
need to.
Remember that money is not your only resource. You
and your family have talents, skills, time and energy
that can be put to work. Think about substituting less
costly foods and goods for costly ones. Your community
might have free things you can do instead of paying for
movies or other costly activities.
Conserve by avoiding waste; taking care of yourself;
keeping things in good repair; and getting the most out
of each car trip, oven use, washing machine load, and
dollar spent.
Accept the stress you feel as human and natural. When
the stress mounts, take steps to reduce it. You might
take a brisk walk every day; escape for a few minutes
with a favorite hobby or activity; spend more time with
people who make you feel good and find something to
laugh about. It helps to get your mind off things now
and then.
Start an aggressive job search. You can find books at
the public library on selling yourself and writing a
resume. Call the Missouri Career Center toll-free at
1-800-392-2949 for resources and advice.
No matter what, try to focus on the positive. The
following resources and information can help you on the
way as you take back control of the situation.
Hotlines and Hot Links
- Missouri Career Information Hotline Toll-Free Number, 1-800-392-2949
- Missouri Division of Family Services Toll-Free Number, 1-800-392-1261
- Tax Impact of Job Loss, http://missourifamilies.org/learningopps/learnfinance/jobloss.pdf
- Unemployment Insurance Toll-Free Number, 1-800-320-2519
- Unemployment Application Website, www.ui.dolir.mo.gov
- University of Missouri Extension Publications (order toll-free at 1-800-292-0969) or visit http://muextension.missouri.edu/xplor.
Publications
- Flood, N. 2002. Money Management: Living on Less, GH 3600, University of Missouri Extension, Columbia, Missouri.
- Metzen, E.J. 2001. Family Economics: Managing Your Money, GH 3830, University of Missouri Extension, Columbia, Missouri.
Special acknowledgement to Jean Ward, Workforce
Development/Career Options Program Project Director.
 |
Site Administrator: |
|
|
|
Last update: Tuesday, March 18, 2008
