Is it Time for a Fresh Start?

Monday, January 05 at 09:25 AM
Category: Personal Finance

Losing a job is stressful, plain and simple. Looking for a new one is no easy task either. However, finding employment doesn’t have to be an overwhelming experience. These tips from the Federal Trade Commission will help you be prepared during your job search and help you make valuable connections.

If you have lost your job, it’s important to evaluate your situation and explore the options that may be available for you.
  • Find out what benefits you may be eligible for. Contact your State Unemployment Insurance Office for information about applying for unemployment insurance benefits in your state.
  • Make a budget. Add up your monthly expenses and create a survival budget to get a sense of how long your savings can keep you afloat. Look for expenses you may be able to eliminate.
  • Consider your health care options. The Consolidated Omnibus Budget Reconciliation Act, better known as COBRA, allows people who lose their jobs to buy health insurance at a group rate for a limited time. However, COBRA can be expensive. If you're relatively healthy and don't have chronic conditions, a bare-bones major medical plan may save you money while still protecting you from catastrophic emergencies.

If you are job hunting, whether you are unemployed or just looking for a new opportunity, here are some great tips to help you find your new role.

  • Form a network. Networking is about building relationships and is a key part of job hunting. All it means is talking to others — either formally or informally — about your job search and career goals.
  • Meet new people. Join a professional, business, civic, or some other kind of association or club. It can be a good way to learn about trends and unadvertised jobs. Members often know employers with open positions. 
  • Be wary of job scams. It's tough enough to find a job without scammers trying to take advantage. During your job search, you may see ads for job placement firms that promise results. Unfortunately, some firms misrepresent their services or charge high fees in advance for services that don't guarantee placement.
Visit the Federal Trade Commission consumer information* for additional insight.
Source: Federal Trade Commission

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Budgeting, Financial Education
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