Personal Finance

The Impending Income Cliff

the impending income cliff

The impending “income cliff” is almost here per CNBC. Come July 31st, 2020 the extended unemployment benefits of $600 ends. And right now the U.S. Government states they will not extend it (as of this post’s publication). So today I want to provide 3 tips on how to survive the fall.

Tip #1 On How To Survive The Impending Income Cliff: Find Another Job

I say this because I was taught this: The government is not going to save you. If you want to wait for the politicians to pass out more money, that’s your choice. Yet, I know from experience the government moves slow and doesn’t really care about the public. So you need to take care of yourself.

The best way to take care of yourself is to get a job. Even though the U.S. economy isn’t doing well, certain sectors are. Amazon is still hiring. So is Wal-Mart, various grocery stores, and other retailers. You may be able to find a remote job doing customer service or as a virtual assistant. In the end, you need to find a job and find one quickly.

Tip #2 On How To Survive The Impending Income Cliff: Severely Cut Your Expenses

If you’re having problems finding another job then it’s time to severely cut your expenses so you can save as much of the weekly $600 benefit.

Now you may have to rent out a room in your place, or move in with family or friends to save money. Next, you need to track down how much you spend on expenses down to the dollar. This way you know what you can cut back so you can save more money.

Why is this needed? Because once the $600 weekly benefit expires, you’ll be on the lower state benefits. You might as well cut your expenses now so you can get use to living by a strict budget.

Final Tip: Learn A New Skill

Sometimes to move forward you must learn a new skill. My mom had to. She worked in banks or offices for a majority of her adulthood. However, that ended in around 2013 I believe when the latest rounds of layoffs at her employer got her. She tried to get another office job but couldn’t. Eventually, she took a job at a nursing home working in the laundry department. After a year of doing that, she took the CNA class the nursing home offered and passed the test. Now she works as a CNA.

My mom went through tough times financially during all of this, just like millions of Americans go through currently. Yet, she pushed through and so can you. You can learn a new skill online or you can find an employer like my mom did who needs those individuals.

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