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business6h ago
Stay afloat: The 4 money moves that matter after a layoff
- The first step after a layoff is filing for unemployment benefits to provide safe, non-repayable income.
- A budgeting app helps determine a concrete survival number by listing essentials like food, shelter, health care, and transportation.
- Consider placing savings in a high-yield account to earn interest while maintaining accessibility.
- Review severance, health insurance costs, and COBRA options to plan coverage during transitions.
- Amica and Guardian offer online quotes for life insurance options during job transitions.
- The article advocates staying organized and making timely decisions to bridge that transition period.
- The guidance notes that budgeting tools can help identify necessary expenses before adjusting lifestyle.
- Rocket Money is highlighted as a free budgeting option with paid upgrades for premium features.
- The piece emphasizes maximizing benefit windows and strategically using severance during layoff planning.
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