 TITLE: What to Do When Unemployment Benefits End CONTENT: What Should I Do as Additional Unemployment Benefits Expire?\n------------------------------------------------------------\nIf you're currently relying on unemployment benefits as your main source of income, the abrupt loss of the additional $300 per week could leave you scrambling to make ends meet. And if your employment situation hasn't returned to normal by later this year, the loss of the additional benefits could also have an impact.\nPreparing for these changes now could put you in a better position to weather the storm as these programs expire. The following tips could help in the case you're impacted by the reduction of benefits:\n*   **Cut back spending as much as possible now.** If you can, try to save as much as possible while you have the income. Though expenses may be tight, making small cutbacks can allow you to put a little extra into savings each month. If you envision still being out of work by the time these benefits expire, the savings you've built up could make a difference.\n*   **Add to your emergency fund.** As part of your overall savings plan, make sure you are building, or have already built, an emergency fund. This type of account will ideally hold three to six months' worth of your expenses and should be used to cover emergencies or your bills should you lose income. While it may be tricky right now, try to use whatever available income you may have to fund this emergency account.\n*   **Revisit your debt payments and budget.** If you fear your unemployment might be reduced, revisit your budget to see if you have any areas you may be able to easily cut back. Take inventory of your debt payments and, if possible, prioritize these so you don't fall behind on payments and damage your credit. If you don't think you'll be able to pay your debt payments on your reduced income, contact your creditors immediately to see if they have any relief options available.\n*   **Try to get a new job.** Though the nation is dealing with unprecedented unemployment across many industries, the most effective solution to counter lost income is to find a new job. Depending on your field and how it's being impacted by the ongoing pandemic, consider creating a plan for re-entering the workforce. If there's little opportunity in your field of work, think about other short-term jobs that could help you generate income.  \n    Consider gig jobs like delivering food or groceries, and look into what industries are hiring during the pandemic (logistics\/shipping, mail carriers, cleaners, grocery stores). While taking a job outside of your field may feel like a professional deviation, set a plan to return to your industry when jobs begin to appear again.\n*   **Monitor your credit for changes.** As always, it's good to monitor your credit for any changes that occur in your reports. Monitoring your credit can alert you to fraud and can help you catch overspending. During this uncertain time, staying on top of your credit can give you an extra peace of mind if your finances change due to the pandemic. You can get free credit monitoring from Experian to keep up with any and all changes that occur in your credit reports. END