Budgeting in the time of Corona virus questions

[maxiesmom]

I am looking for a bit of guidance.

Like so many others, I am now laid off from my job for who knows how long. Fortunately, I am getting 2 weeks pay from my employer. After that, I can use my accrued vacation pay. With that, and with my savings, I think I am good for 2 months.

Here are my questions: Do I use all of that, and then contact any of my credit cards to see if they will defer payment for a while? Or should I be doing that now, before I run thru all of my savings? Also, I am a bit confused as to when to apply for unemployment. As my employer is paying me for 2 weeks, do I file when those 2 weeks are up, or now?

 

[pryncess527]

Apply for unemployment now.

and I’d request deference on the cards, just to be safe. You could still budget & set aside that payment but you’d have more flexibility

 

[RogueX]

Not just credit cards, but if you have car loans, mortgage, student loans, etc. see if you can get a deference on any of those as well.

 

[pryncess527]

Yes, student loans can be deferred with NO INTEREST right now. If you have those start there

 

[SaintsManiac]

I am looking for a bit of guidance.

Like so many others, I am now laid off from my job for who knows how long. Fortunately, I am getting 2 weeks pay from my employer. After that, I can use my accrued vacation pay. With that, and with my savings, I think I am good for 2 months.

Here are my questions: Do I use all of that, and then contact any of my credit cards to see if they will defer payment for a while? Or should I be doing that now, before I run thru all of my savings? Also, I am a bit confused as to when to apply for unemployment. As my employer is paying me for 2 weeks, do I file when those 2 weeks are up, or now?

Probably depends on the state and how they are handling things now. When I was laid off in 2012 I had to wait until my severance package ran out before filing. Rules might be changed right now due to the situation, though.

 

[maxiesmom]

Probably depends on the state and how they are handling things now. When I was laid off in 2012 I had to wait until my severance package ran out before filing. Rules might be changed right now due to the situation, though.

It looks like I am an active employee until April 4. So it seems I have to wait until April 5 to file for unemployment.

 

[Nebraska_Disney]

I’d make as many phone calls to creditors as possible, can’t hurt to ask. At that point, at least make minimum CC payments to be in good standing.

with your free time, I’d evaluate your household budget, assuming you have one and if not make one. Never has it spoke more loudly to have 3-6 months of expenses in a liquid savings account. Won’t help this time, but create a budget to begin when you get back to work where you are setting money aside for emergencies and addressing debt.

 

[a1tinkfans]

Best of luck OP.

 

[barkley]

if you pay any kind of insurance (auto...) call the carrier. mine (farmers) sent out a notification today to policy holders about not canceling for payments unrecived, i want to say through 5/1 and suggesting people call to make arrangements. some utility companies are also allowing people to defer (at no added cost) payments. i think some cell providers are offering this as well.

medical/dental-if you get it through your employer find out how long the coverage will be in place (some are continuing coverage for laid off staff vs. putting them into a cobra situation) and then research your state's medicaid application process.

with both unemployment and medicaid-if you can find out what verifications they require and you can gather them ahead of making application it will make the process easier.

 

[wishuponastar1984]

agree that if you don't have a written budget then you need to figure it out now. Are you single or married? Having some sort of spouse income will at least help. Figure out what your fixed expenses are and look for anything you can cut. Prioritize your fixed expenses. Look for anything you can control (cable TV, yard service, reduce heat/air consumption, cancel all but one streaming service, subscription boxes) Food costs are sky rocketing so I would also work out a meal plan as well to make sure you are making the most of your pantry and freezer items. Now is not the time to just "cook what tickles your fancy" time.

 

[dclpluto]

You know you are going to get a extra 600 dollars a week on top of your unemployment until July 31.

 

[maxiesmom]

It just dawned on me today that I have a 401k loan to pay off. Two dogs in a year with cancer(please don't judge). So now I'm trying to figure all of that out.

 

[maxiesmom]

You know you are going to get a extra 600 dollars a week on top of your unemployment until July 31.

What, really?

 

[pryncess527]

What, really?

In its recent stimulus package, Congress made several unprecedented changes to the unemployment insurance program.

Jobless workers will soon get an extra $600 a week on top of their state benefits, for up to four months. That will significantly boost people's payments.

Lawmakers also added up to 13 weeks of extended benefits, on top of state programs, which vary between up to 12 and 28 weeks.

 

[dclpluto]

It just dawned on me today that I have a 401k loan to pay off. Two dogs in a year with cancer(please don't judge). So now I'm trying to figure all of that out.

hope your dogs will be ok. They are family.

 

[HeatherC]

You know you are going to get a extra 600 dollars a week on top of your unemployment until July 31.

I don’t think $600 a week is guaranteed. I think it might be “up to $600” a week. I think there may be a lot of disappointed people expecting this.

 

[kymom99]

The way I read it everyone gets $600 a week on top of their regular benefit. The $600 comes separate from the federal government

 

[Sarah'sMomfrom PA]

The way that the bill reads (I made a copy of it) says: "Regular unemployment compensation is increased by $600.00 per week. States have the ability to increase the unemployment benefits they pay by up to $600.00 per week for up to four months using Federally provided dollars"

The way that I interpret this is if I was getting $200.00 a week from Pennsylvania, the federal government would kick in $400.00 a week. I really don't think that you could plan on getting $600.00 a week on top of whatever your state unemployment gives you. I could be wrong on this but would love to hear other's interpretations on this???

 

[shoney]

It’s $600 a week extra.
for me in NY, it comes as 2 payments per week. 1 for$504 and the other $600.

 

[pryncess527]

The way that the bill reads (I made a copy of it) says: "Regular unemployment compensation is increased by $600.00 per week. States have the ability to increase the unemployment benefits they pay by up to $600.00 per week for up to four months using Federally provided dollars"

The way that I interpret this is if I was getting $200.00 a week from Pennsylvania, the federal government would kick in $400.00 a week. I really don't think that you could plan on getting $600.00 a week on top of whatever your state unemployment gives you. I could be wrong on this but would love to hear other's interpretations on this???

Reads to me like it depends on how each state structures their unemployment. I wonder if they get the money either way.