Unemployment Benefits: A Look at New Federal Programs and Who Qualifies

If you have become unemployed as a result of COVID-19, or expect to become unemployed in the near future, you are not alone. Over the last three weeks, about 17 million Americans have filed for unemployment benefits. Many experts expect this figure to rise even higher in the coming weeks. Luckily, there is some relief. The CARES Act—signed into law on March 27—provides additional cash to people who lose their jobs during this crisis. Not only does the Act provide more money than normally available under state law, but it also provides unemployment benefits to new types of workers, like independent contractors and sole proprietors. Let’s take a closer look at these changes and how you can seek help if you need it.

Tips for Making and Managing an Emergency Budget

One piece of advice that nearly every financial expert or advisor agrees on is that you should have an emergency fund. They may quibble over the exact size of the emergency fund, but most recommend somewhere between three and six months’ worth of expenses. There are even emergency fund calculators to help you decide on the right amount. This is incredibly important advice, but it does not help much once you are already in the midst of an emergency. When the unexpected occurs, you need a plan for moving forward. Whether you already have an emergency fund or not—you need an emergency budget.

Determining what kind of financial help you need is not always as easy as it sounds. It all depends on your current situation and your financial goals. To know what professional can help you best, you need to know what they offer. Let’s look at the differences between them. A financial advisor is a qualified professional who can help you meet your long-term financial goals and build wealth. They meet with their clients and, taking into consideration their goals and risk tolerance, they make the appropriate recommendations to help them invest and plan for the future.

NFCC in the News: 📰

1. Don't fall for these 5 money scams! With much of the country experiencing financial insecurity from the toll COVID-19 has taken on the economy, it’s fertile ground for fraudsters.  Read More... 
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