More and more African Americans are facing the harsh reality of unemployment. Layoffs are prevalent in almost every industry, but they aren’t a death knell. Here are a few ways for you to manage the tough times that lie ahead.
Back to Basics:
Tally exactly how much it would cost you to pay for your living expenses (rent, mortgage, etc.), food, insurance and electricity. Be sure to be as honest as you can about the family finances with your children, so that they understand why certain ‘extras’ may have to be put on hold for a while. And be prepared to plan for the future, just in case your job search goes longer than expected. In the meantime, try to keep home life as normal as you can.
Look for Community Health Providers:
Many African Americans’ health services were provided through employment insurance. You will need to find health care providers in your community that offer low-cost or sliding scale services. The Consolidated Omnibus Reconciliation Act (COBRA) allows terminated employees to maintain their health insurance for an additional 18 months; but they have to pay 102 percent of the premium — which can be expensive. Sliding scale payments can reduce the overall cost of medical visits and help you avoid incurring more debt.
Tally Your Money:
Know exactly how much cash you have on hand and what you can expect to have in the near future. Even if you haven’t been laid off, start saving for a worst-case scenario now. Ideally, you’d want to put aside three to six months of living expenses, but that still may not be enough. Any severance that you receive should be put into an account and rationed out over time.
Find Income Alternatives:
File for unemployment benefits immediately. Benefits can take three to four weeks to kick in, so you don’t want to wait. There are some jobs available, but be willing to look for work outside of your career field or in the food service and maintenance industries. Temp jobs and consulting jobs are good employment options to keep your résumé up to date. And be sure to communicate with your landlord (if you have one) about your situation, so you can work out a payment plan.
Manage Your Emotions:
For African Americans, a wide range of emotions may accompany the uncertainty of unemployment: anxiety, anger, fear. Don’t allow them to consume you, as they can have adverse effects on your mental and physical health. Negative feelings may also lead to bad habits, like drinking, drug use and the resulting poor decision-making. Crime tends to rise during spikes in unemployment, as do suicides. Maintain a healthy diet and exercise regimen.
A layoff can be hard to face, but you can survive this unfortunate set of circumstances. No matter what happens, don’t allow this time to pass without building your skill set, developing your money management skills, and taking the time for stress-relieving activities. You are your greatest asset and never forget that unemployment is a temporary situation.
–todd williams
