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Homeowners, however, dont always have the same flexibility.
They have the added burden of having to figure outmortgage payments, taxes and insurance, let alone upkeep.
However, there are somesteps you might take to survive financiallyas a homeowner whos lost their job.
If you lose your job, the first step is to take stock of your situation.
Dont be afraid to contact your former companys human resources department if you have any questions.
you might also contact your states unemployment insurance office for any needed clarification.
You must work on a budget that reflects only your needs.
it’s possible for you to then figure out how much your emergency fund will cover, Zigmont said.
But as a homeowner, you may need extra savings for things like unexpected repairs.
Thats because accessing your retirement savings early can derail your retirement planning.
This is where gig work and part-time employment come in, Zigmont said.
Do you really need it?
Could someone else use it?
More importantly, would they pay for it?
My point is that you should probably start selling yourself as well as your stuff, Marolia said.
Believe it or not, youll feel better as a result and you wont believe what people will buy.
But dont assume this is a fix-all.
Asking for a mortgage forbearance should be a last resort.
With a forbearance, you are just pushing off your payment, not actually lowering it.
In most cases, it will also be a negative mark on your credit report, Zigmont said.
Still, you want to ensure youre not trading short-term relief for more long-term pain than you want.
And before you know it, it’s possible for you to be back to work.
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