How to Prepare for the End of the $600 Weekly Unemployment Benefit

Video Credit: Wibbitz Top Stories
Published on June 18, 2020 - Duration: 01:17s

How to Prepare for the End of the $600 Weekly Unemployment Benefit

How to Prepare for the End of the $600 Weekly Unemployment Benefit Assuming there is no extension of federal legislation, the $600 unemployment benefit as laid out in the CARES Act is set to expire on July 31.

Experts refer to the end of the CARES Act benefit as a "rude awakening" for those who are out of work due to the coronavirus pandemic.

These four suggestions can help you prepare.

1.

Resist the urge to splurge.

If the initial check is several weeks of benefits combined, pay off outstanding debt or set some aside for future bills.

2.

Make sure to budget.

Knowing and planning for monthly expenses can make a huge difference when the $600 a month comes to an end.

3.

Use a portion to build an emergency fund.

Having $1,000 in the bank for emergency situations can be extremely helpful.

4.

Don't forget about taxes.

Unemployment assistance is taxable income.

Choosing to have taxes taken out up front is a wise choice.


You are here

You might like