A record number of Americans have applied for unemployment benefits in the wake of the coronavirus pandemic. So many, in fact, that there has been a 3000% jump in jobless claims since early March. Unfortunately, the situation is likely to only get worse. According to Citi economist Andrew Hollenhorst, "Further job loss expected in coming weeks is very likely to push unemployment above 10%, even taking account of a potential steep decline in the labor force participation rate, as some displaced workers are neither furloughed nor looking for work."
Of course, if you've been outright fired from your job, you can at least take comfort in the fact that you face a relatively straightforward process for applying for unemployment. But what if you've been furloughed? What do you do now?
What is a furlough?
Furlough's have become increasingly common as the pandemic has continued to devastate the American job market. In short, a furlough is when an employee is put on an unpaid leave from work for an indefinite amount of time. According to the Office for Personnel Management, there are two types of furlough:
"An administrative furlough is a planned event by an agency which is designed to absorb reductions necessitated by downsizing, reduced funding, lack of work, or any budget situation other than a lapse in appropriations. Furloughs that would potentially result from sequestration would generally be considered administrative furloughs."
"A shutdown furlough (also called an emergency furlough) occurs when there is a lapse in appropriations, and can occur at the beginning of a fiscal year, if no funds have been appropriated for that year, or upon expiration of a continuing resolution, if a new continuing resolution or appropriations law is not passed. In a shutdown furlough, an affected agency would have to shut down any activities funded by annual appropriations that are not excepted by law. Typically, an agency will have very little to no lead time to plan and implement a shutdown furlough."
A furlough is, by its nature, temporary, but that doesn't mean that you can count on getting your job back. Many private and public companies have furloughed employees as a cost saving measure in hopes of weathering the economic turmoil of COVID-19 and hiring back furloughed employees as soon as possible, but as economies grind to a halt across the world, it becomes more and more likely that furlough will turn to permanent termination for many workers. As Jie Feng, an assistant professor in the Rutgers School of Management and Labor Relations told the Society for Human Resource Management, "Unlike layoffs, furloughs reduce labor costs without adding new costs such as severance packages and outplacement services." That means that, unfortunately, your company may just be putting off termination in order to avoid the costs associated with it.
While you likely still have healthcare as a furloughed employee, its not a guarantee, so its worth verifying with your specific company what benefits you retain during your leave.
Do I qualify for unemployment if I've been furloughed?
While you wait to see how long your furlough lasts, you can at least take comfort knowing that you probably qualify for unemployment benefits, particularly as they've been expanded under the $2 trillion coronavirus relief package. Usually, it wouldn't be a guarantee that furloughed workers would qualify for unemployment (it depends on the state you live in) but thanks to the new relief packaged, anyone who was furloughed due to the coronavirus outbreak qualifies for unemployment insurance. Additionally, unlike filing for unemployment because you've lost your job, furloughed employees do not have to prove they lost their jobs. Keep in mind that if you're on paid leave or are able to work from home, you won't qualify for the updated unemployment benefits.
According to CNET, you are likely eligible for additional unemployment under the new package if: "you're a part-time or self-employed worker, as well as if you're already unemployed or can't work because of COVID-19."
You are also eligible if:
- You were set to start a new job and can't because of the outbreak
- You collect veteran or Social Security benefits
- Your job closed due to the coronavirus (for instance, restaurants or businesses deemed "nonessential")
- You're not working because you have to care for children or other family members who would otherwise attend school or another facility
So, how much money will I get?
While the total sum of the unemployment money you receive will depend on your state's unemployment plan, the new federal relief package will give you an extra $600 a week on top of whatever you get through your state. It will also cover you for an extra 13 weeks in addition to whatever amount of time your state unemployment program covers. Most states unemployment benefits are upwards of 26 weeks, meaning you're likely to be covered for around 39 weeks. How much money you'll receive is entirely dependent on your state, for example, California residents get $450 a week so the extra $600 would put their weekly benefits at more than $1,000, but Florida residents get a max of $275 per week, putting their total unemployment at a maximum amount of $875.
How do I apply?
There is no way to apply for unemployment via the federal government, so you'll have to find the specific process for your state. Luckily, you can apply immediately. You used to have to wait at least a week to receive benefits, but thanks to the stimulus package you can now expect a more immediate turnaround time. While some states have waived the waiting period, others might still have one implemented. To find out what your state's unemployment program looks like, refer to the table on this site or select your state on this page.
Between buying a new home and transporting yourself and your belongings to it, moving can be an expensive process. One often underrecognized cost of moving occurs before one's original house has even been sold, and that's staging the house. Homeowners often spend hundreds of dollars making a home appealing to potential buyers. To ease the financial burden of moving, here are several tips for staging your home on a budget.
Downsize Instead of Storing
The goal of staging a home is to create a blank canvas that potential buyers can imagine their own lives painted upon. To accomplish this, homeowners should depersonalize the home as much as possible, removing items that are specific to their family and eliminating clutter. This is where homeowners often incur their first costs as they rush to put as many older things in storage as possible.
To cut costs, focus on downsizing rather than storing items. Look for items that you can sell, donate, or give away. For remaining items, look for alternative places to store them, such as a friend or relative's house. This will also reduce the cost of moving your belongings when it is time to go to the new house.
DIY What You Can
There are times when homeowners should bring in a professional to manage home renovations and decorating, such as when a task requires specialized skills. These types of jobs, when done incorrectly, will incur even greater costs if attempted on your own. However, many of the home improvement tasks that go into staging a home are simple enough that the homeowner can DIY them, such as painting, installing a backsplash, or refinishing the deck. Doing these tasks yourself will save you a significant amount of money.
Don't Redo, Update
Homeowners are often eager to make their houses look as appealing to buyers as possible. However, recall that the point of staging is depersonalization, making a home presentable so buyers can mentally impose their own style onto it. When staging a home on a budget, focus less on completely transforming the space and more on making what is there look presentable. For instance, if you wanted to give your bedroom a facelift, trying to replace the furniture and flooring would be pointless unless it was damaged or unkempt. Simply organizing the space and replacing the bed's comforter would be sufficient.
Another way to update the space without entirely redoing it is to rearrange it to maximize the space that is already there. For instance, pulling the furniture away from the walls will make a room appear bigger and allows more space for those touring the house. Using window trimmings that maximize natural light and incorporating wall mirrors can also make a room seem more spacious.
Raising a larger family than most means that your lifestyle is going to change. Costs will continue to multiply as your family grows larger. However, just because your family is large doesn't mean your quality of life needs to suffer. It just means you need to make a few adjustments to help things work smoother and more efficiently. We've compiled a couple of money-saving tips for larger families to help you get the most out of your dollars.
Always Buy in Bulk
The benefit of having a larger family is that things you buy in bulk rarely ever go to waste. Smaller families can benefit from buying in bulk, of course, but your large family will see the most use out of shopping in large quantities. You'll want to avoid going to smaller stores for necessities such as groceries and clothes, as these places generally have higher markups on their items.
Buy Wholesale Items Online
If you want to take buying in bulk to the next level, one of the best money-saving tips for large families is to buy online from wholesalers. Buying online comes with a number of benefits that you won't get when you go to a physical store:
- You don't have to drag your kids to the store with you
- You have a lower probability of making impulse purchases
- You can search for exactly what you need
- Wholesalers sell in very large quantities for a lower price per item
Never Throw Away Something Useful
When you have to buy things for multiple children, your costs to replace items will be much higher. That's why it's so important to keep everything you can. Clothing is a big part of this. Hand-me-downs can prevent you from needing to replace entire closets every year. Try to repair or upcycle any clothes that may have damage, as this is usually much cheaper than buying brand-new items.
Stick to a Budget
When you support a large family, expenses can sometimes get away from you. Proper budgeting helps to keep the extra purchases that add up to a minimum. Budgeting correctly can save you a lot of heartache in the long run. It's up to you how much control you want to take; you can make your budget weekly or monthly, depending on how tight a ship you need to run. What's important to remember is that making the budget is only the first step—sticking to it is where you'll really need to enact some willpower.
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Sometimes there is no choice—a home needs to be sold in the winter.
Spring may be the most popular time to put your house on the market, but homes do sell in the colder months. With fewer houses available, your home may be someone's only choice when house hunting in your neighborhood. As your neighbors hold out until spring, you'll already be done and ready to shop for your next house!
Here are a few tips for selling a home in the winter to get you on the right track.
Keep Paths Safe and Landscaping Fresh
Landscaping is the last thing on a homeowner's mind in the winter. Everything was cut back in the fall and may now be covered in snow. Still, take a walk around the house and yard to check everything out. Branches may have fallen from heavy snow, leaving a mess in the yard. Keep everything neat and tidy.
The last thing you need is a potential buyer slipping on the ice-covered walk in front of your house. Buyers often consider those moments bad omens, and this can affect their decisions. Shovel, snow blow, spread salt—do whatever you have to do to keep the driveway and walking paths clear, and don't forget the porch and deck.
Make the Inside Warm and Cozy
In cold weather, buyers won't spend a lot of time examining a home's exterior. Instead, impress them with the inside by creating an atmosphere which causes them to want to move in.
When there's time, leave wintery types of snacks and drinks, such as hot cocoa and cookies, available on a table during showings. This gives your home a welcoming feel to buyers.
Light the fireplace (if you have one) for a lovely ambience and set your thermostat to a comfortable setting. A warm home in the winter is much more appealing than a chilly one.
Make Your Home Less Personal
Understandably, this can be a tough thought for homeowners. After all, you've spent years creating memories in your home. To buyers, though, they need to picture it as their own. Too much personality makes that difficult.
It's always important to stage your home in a way that makes it look clean, comfortable, and move-in ready. Don't feel offended by the idea of taking family pictures down and replacing them with generic décor. This will help your home sell faster by helping buyers envision their own things there.
Cleanliness and Maintenance
Clean, clean, and clean some more. Make appliances, counters, and floors shine. No matter how old your home is, it needs to feel like new to potential buyers. If you aren't into dusting, now is the time to try. Don't forget window coverings that might need washing.
Be prepared ahead of time for home inspections by taking care of maintenance now. HVAC systems, plumbing, and electrical should all be up to code and running smoothly.
Use these tips for selling a home in the winter, exercise patience during the slower months, and your home will sell before you know it.