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Making Money While Unemployed

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Folks,

If you’ve been laid off or are unemployed and can’t find a job, here are a couple of thoughts to help cushion the blow to your cash flow.

1. File for unemployment benefits

If you do get laid off, file for unemployment right away.  Don’t wait.  Filing for unemployment is tough because it carries a fairly negative stigma of defeat, so a lot of people avoid filing (like me for example, the last two times I got laid off), but really – don’t wait.  Getting unemployment payments is way better than watching your bank account dwindle.

Also, the chances are you’ve been paying into your state and federal unemployment insurance funds already.  When someone “files for unemployment,” they’re basically submitting a claim to that state or federal unemployment insurance fund.  If they’re deemed eligible for unemployment benefits, they will be paid out on that claim (like you would be paid out on a claim you filed with your auto insurance company after an accident).  So, in one sense you’re just getting your money back – no shame in that.

2. Write off job-hunting expenses

You can deduct job-hunting expenses on your tax return if you meet a few qualifications. First, you need to itemize your deductions.  If you don’t own a home, you probably don’t itemize your deductions (though some do, like if you paid a lot toward medical care or charitable contributions).  Second, you can only deduct job hunting costs as miscellaneous expenses if you itemize, but only if your total itemized deductions are more than 2% of your adjusted gross income.  So, be sure you save all your receipts for job hunting expenses and talk with a tax professional to verify whether you meet all the requirements to qualify for the deductions.

For more nine more ways to make money while unemployed click here.


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Comments

  1. Dylann Andre says

    October 25, 2013 at 7:08 AM

    I just hope there are unemployment benefits here in our place. Too bad there is none and the unemployed should really work hard to survive.

    Reply

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  1. Actions To Take When Your Unemployment Checks Run Out - Engineer Your Finances | Engineer Your Finances says:
    June 16, 2015 at 6:52 AM

    […] more on this topic, check out our postings on making money while unemployed and nine realistic ways to make money while […]

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