5 Financial Steps to Take After a Long Period of Unemployment

Being unemployed is rough. So many things go unpaid and are not taken care of when you go through a long period of unemployment. Then once you find another job, it?s hard to know where to begin the fix the problems that occur when you have no money coming in.

Not, only do you have to worry about rejoining the workforce after a long time away, you have to decide what financial steps to take to get your household back on track. With that being said, read on below for a few financial steps to take after a long period of unemployment.

5 Financial Steps to Take After a Long Period of Unemployment
5 Financial Steps to Take After a Long Period of Unemployment

Updating the House

When you are out of work, it?s easy to let the house go downhill. You simply don?t have the funds to keep your home up the way you should. Once you’re working again, one of the first things you should do is fix up the house, since it is your biggest investment. Houses aren?t cheap and letting them fall into disarray can lead to the home being valued at a lot less than it was when you purchased it.

Restart Your Pest Control Services

One of the first things you need to do when you are financially able is update the services for your pest control. In many cases, when the paycheck goes, the first thing to get canceled is the pest control service that comes monthly to spray the home.

There are many pests out there that can ruin your home structurally and put your family in danger from the diseases and germs they carry. With those first few checks it?s a good idea to get the service started again, so your home is pest free.

Repair the Roof

It is highly possible that your roof is going to be in need of repairing or even replacing after a long bout of unemployment. Hire a roofing company to come out and inspect the roof. If they determine that repairs need to be done, it should become a priority once the paychecks are rolling in again.

Start Rebuilding Your Nest Egg After a Long Period of Unemployment

One of the first things to start when you are gainfully employed again is a nest egg. Start putting as much of your check in savings every week as possible. Becoming a saver is only natural once you?ve been out of work for a while and have finally gotten a job where you have a check coming in again.

It?s going to be easy to just blow money because you haven?t had any in so long. While you can get some of the things you want out of your checks, your main focus should be catching up bills, fixing up your house, and saving money for a rainy day.

Pay Those Credit Cards

Credit cards get behind pretty quickly when the money isn?t there to pay them and the interest and late fees can drive your $300 credit to $700 owed in no time at all. Start by paying at least the minimum on your credit cards until you can get to the point where you pay them off entirely and your credit score starts to build once again.

These are just a few of the top financial steps you should take when you are gainfully employed once again. Remember, things can change in an instant, so try to be prepared.

( Photo by Mike Licht, NotionsCapital.com )

4 Responses to 5 Financial Steps to Take After a Long Period of Unemployment

  1. Excellent ideas! I’d also add to do something small for yourself. Unemployment is crushing for self-esteem. It can be as simple as getting a haircut, but it should help you feel transformed.

  2. Mrs. P. – That’s actually an excellent point. I’d also add that it’s a good time to start an exercise program if you’re not already on one. One of the best ways to keep your spirits up is to keep moving – literally. You don’t have to join a gym, but brisk walking, jogging, skating or biking can go a long way toward rejuvenating a wounded spirit.

  3. What to do? I’m not sure I can fix my financial situation. I’m turning 61 in October, no health insurance, barely able to pay my bills. I enrolled in a debt consolidation program in November of 2015 and have been diligently paying off my debts from the onset. I was in debt for 22k and am now down to 6k, not an easy feat!
    Unfortunately, I am having trouble getting a job with benefits, and living in the poorest county in New Jersey doesn’t help. I’ve had a few freelance jobs but pay is poor. I need to move to a better location but I can’t seem to save the money to move out of this hellish existence.
    I do receive a pension as well as my disabled sister’s ssi – I’m her caregiver and she resides with me.
    I an starting to get physically sick from the stress. I tried to be honorable and pay off my debts instead of filing for bankruptcy but I question whether or not this was a good decision.
    Do you know if there are any state or federal programs that may be able to offer financial assistance to get me out of this rut?

  4. Hi Anna – You’ve got a lot going on, so there’s no one solution. But could you possibly set up a Go Fund Me page to raise the money to move out of your current location? It won’t solve all your problems, but maybe it can get you closer to employment?

    In my own life, when confronted with multiple problems, I’ve learned divide-and-conquer is the only way to go. You can’t fix all your problems at once. But if you can solve one, you can go for the next one and so on, until you’ve got things back under control. But I also have to warn you that life is never perfect, so set your expectations accordingly. Life is never perfect, but it can be better, and that should be the goal.

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