I left my job about two months ago, and I applied for unemployment immediately. I got a new job today, but I STILL haven’t gotten my unemployment decision. Additionally, my food stamp application was delayed due to personal circumstances. In short, had I not had money saved for an emergency, I would have been mega-screwed.

I know some people are not in a position where they have the luxury of storing away significant amounts of cash but, if you are, I beg of you to do so if you aren’t already. I can’t imagine what position I’d be in right now if not for my budgeting.

Thanks for coming to my TED Talk.

PS. I posted this here instead of in c/finance because the sidebar there specifies that it’s supposed to be for finance-related news.

  • GenEcon@lemm.eeEnglish
    19·
    1 year ago

    1–3 months is enough for other developed countries other than the US, due to unemployment benefits, social security and most importantly: at least 3 months prior to termination a required termination notification.

    Anyways: due to the current high interest rates it might be worth it to put more money into your savings account, since the opportunity costs compared to company shares are low.

    • HumbleFlamingo@beehaw.orgEnglish
      3·
      1 year ago

      You can also do short term investment like T-Bills or CDs too. Just make sure they’re maturing regularly. For example you could split your emergency fund into 8 chunks, and buy an 8 week T-Bill every week for 8 weeks. If you ever need the money stop reinvesting them and you’ll get 1/8th back per week for 8 weeks.

      T-Bills are a bit over 5% now.

    • MangoKangaroo@beehaw.orgOPEnglish
      3·
      1 year ago

      Is it nearly as much a nightmare to start getting unemployment in other places? I’m stunned that it’s taken as long as it has in my case.

      • liv@beehaw.orgEnglish
        2·
        1 year ago

        Here in New Zealand it took me about three weeks.

        But, I know we get far less money than in many other places. It wasn’t even enough to cover rent so I had to use savings.

        Now I’m on disability and it’s less than half what people get on minimum wage. I know from my support group that disability is harder to get in the US but it’s also pays a lot more money.