If you’re thinking about quitting your job in the next year or so, here are some ways to make money, get health insurance, or just make your own living while you’re unemployed.
After you receive your notice:
The deadline for applying for unemployment benefits is three weeks after you are officially no longer employed. Most states and territories take seven to 10 weeks to process your application. Unemployment benefit limits vary by state, but for 2018, the maximum monthly unemployment benefits for households is $1,400.
Once you are off of unemployment, you may be eligible for many state-sponsored and private health insurance programs. These include Medicaid for low-income families and families with children, state health insurance programs and worker’s compensation programs for employees.
Once you receive your notice:
Review your situation and financial situation, knowing full well that even if you cannot find a job, you do not necessarily have to give up your home. Instead, you may even be able to use the money for home repairs or other essential costs.
Leaving a job can also be a terrific time to stock up on some groceries or good household goods. After your notice is issued, offer to split food purchases among the household or co-sign for a loan. You can also buy some wine or beer and put it out for friends or fun to enjoy during the holidays.
If your boss has provided health insurance during your tenure, you may be able to collect the entirety of your health benefits until you find a new job. The exact benefits you will receive could depend on when your notice was received. If your employer provided health insurance benefits for less than a year, you may not be eligible for the full coverage. Also, insurance will not include coverage for an extended period of time after your last day, once you begin to look for work.
After you stop working:
During your next job search, you may receive tips and networking opportunities from companies that do not have active job openings.
Before you change careers:
If you plan to start your own business, start saving early.
If you start a side business, track your profits monthly, or at least weekly. Calculate profit and loss so you can account for expenses, your business’s ability to pay, and any startup costs.
After you start your business:
Understand that they may not be the best fit for you. Make sure the business is suitable for you.
Maximize returns from your business and your personal assets to give you a minimum amount of cash to build your business.
Don’t start a business if you have high personal expenses, like debts or medical costs.
Contact, sort through, and provide suggestions to friends and family about starting their own business.
Read more about downsizing your living space:
By taking on more work yourself, you should help your income and your family’s living standard. The more hours you can get out of your job, the more money you can make that helps with their living standards. You can also become more independent.
Being frugal, small-business owners are happier. Good for your income, and your success.
If you are working for yourself, check in on how your business is doing. You should know how many hours you are working, how your income is split among you and your family, and how much profit your business is making. This will let you decide whether or not to invest additional resources.
If you are willing to invest in your business, consider selling something or sharing your skills. You may not make a fortune, but you can help your family and others.