What would you do if you were 50 yr old without savings and you just lost your job?

Question

so in the meantime of searching for jobs (which could take months since you are older), how would you pay bills?

Answer 1

go to your state wellfare office and apply 4 benifits...u paid into it with your taxes and it is your right to get back some of what u paid into...and that is what it is there 4...they well also have u sign up 4 unemployment and help u in job search while the whole time u r collecting unemployment benifits...and also check on this 2...alot of churches have food banks...there is surely 1 in your area...and some churches well help out with your elictric and heating bills...

Answer 2

Sorry to hear. Getting layed off happens more often than you realize.

Let's work on repairing the damage. First, file for unemployment benefits. It takes a little while to get started so do this before anything else so you know some money will be coming in still. And as stated in answers before, your compensation is derived from your gross pay from your previous job.

Secondly, apply at about 3 or so temporary agencies. If you've got the right skill set, most temporary jobs will ultimately become full-time. Since you're there on a temporary basis, the notion of whether or not they need someone full-time there is obvious. In other words, impress them enough to offer you a full-time position.
In most cases, the temporary position that becomes full-time oftentimes are better paying than the previous employer.

Provided you are offered a full-time job, take advantage of their 401K and stock options (if applicable). At this time in your life (without a savings), you're going to have to sock away more of your earnings; roughly 30% or more, to be able to retire somewhat comfortably.

Good luck in your seach. I hope the best for you!

Answer 3

I would sell as many things as possible at clothing consignment shops, ebay, flea markets etc

I would give up as many things as possible (cable tv, restaurant meals, new clothes etc) to keep costs down

I would concentrate on paying the utility bills and the car loan and the mortgage on time. The other bills are secondary. Pay them only if you can easily afford it.

I would see if I could have a part-time job at the same time as I am collecting unemployment benefits.

Eventually I would seek financial counseling at a counselor endorsed by Dave Ramsey on his website to see why I am so reckless with money and can't seem to save any.

Answer 4

There are plenty of temporary work agencies, register at all of them because they don't always call. We also have a place that you can go every morning and people show up to hire workers just for the day. It's not the best thing but at least it will bring in some money. I don't know why you don't have any savings, every week you should have been putting at least 10% away for this rainy day!

Answer 5

I would do the same as if I were 20, without savings, and just lost my job. Visit EVERY fast food and pizza joint within 10 miles. If you don't have a job by Friday, you are not trying. Once you have an income, THEN you can concentrate on long term career goals.

Answer 6

It sounds such as you're in a vicious cycle. i'm sorry. first ingredient - call your pupil loans. maximum will positioned you on "carry" till you're back on your feet. as quickly as I lost my activity, we've been in a position to try this - you may additionally negotiate a smaller month-to-month fee if necessary. next - lose the cellular telephone. Your mum and dad have a land line. it is not ideal, yet you will save countless money. next - I even have an somewhat hard time have faith which you will no longer make adequate working 2 jobs - even minimum salary ones - and not having to pay lease/purchase food/etc. i think of it's time to look at your spending behavior. sell your automobile and get a greater inexpensive one . you're 25 - that is okay. impressive now your purpose is to proceed to exist. i do no longer understand if public transportation or automobile pooling is achievable, yet look into it. i understand that public transportation isn't an decision everywhere although. next - pay off your smaller credit card on an identical time as making minimum money on your different enjoying cards. additionally - supply up utilising THEM. Your purpose is to get those paid off - sell what you could and sacrifice what you could. it is going to suck, yet you're able to do it. Your financial destiny relies upon on the kind you alter NOW. finally - thoroughly re-do your resume. probability is it sucks. i understand the activity marketplace sucks, yet a crappy resume does not help. Have a professional look at it in case you could. basically get your self interior the the terrific option promoting shape to flow back obtainable. even once you get a sparkling (greater perfect) activity, save between the section-time jobs to pay off those credit enjoying cards. the huge ingredient right that's your thoughts-set. the kind you look at those ameliorations will settle on your success. remember which you're nevertheless somewhat youthful, so having to offer up a severe-high quality automobile or a large cellular telephone place will - interior the long-term - grant help to out. i think your soreness (i replaced into laid off around Christmas - try that for a happy holiday season!), yet now may be the time to kick your butt into kit and alter your behavior!

Answer 7

ouch! unemployment doesnt pay very much and its based on how much you made. when i was unemployed, i took a part time job. you can have a part time job on unemployment. they subtract the amount of your part time check from your benefit but they give you about 20% more unemployment and it lasts longer because of what you earn part time. seek food stamps and anything else you are entitled to, rent assistance, utility assistance, etc. cut off any non-essentials (i am spoiled but HBO had to go, i used the internet at unemployment, NO eating out, etc.) if you have an excess of anything, now would be a good time to sell it. if there are any favors you can do on a cash basis, do so (babysit, deliver and pickup kids from school, housecleaning, laundry, errands, and shopping for people who are lucky enough to still have a job, etc) good luck. i'll pray for another job for you...

Answer 8

As young as I can remember. I started as an orphan.
I had no parents to love. No one to confide in, no one to trust.
I never had any money, so when I wanted something, I had to
steal it of course.
Eventually, even though I never did get adopted, someone did
take me under their wing. and did finish High school.
And I made it my goal, never to be this way again.
So I learned to work and to save, and eventually raised a
Family. I hung in there, and told myself. My children are never
going to be orphins, and go through what I had to.
So I, saved from a early eage, when nobody else even had
retirement on their mind. I seen a man shooting craps.(dice)
for his paycheck, and I vomited. How could anyone ever be
so stupid as to gamble his weeks worth of money, at the roll
of the dice.
But even in saving. I've lost too.
I have had to bail them out several times so they wouldn't
lose their homes. Dispite my attemps. I have one grown
child back living with me, with most of my savings gone.
But before I dye, if I can make one positive change in
someones life, I will know, I've did my job. It has not yet
happened.
I just wish I had that "positive" answer for you. God Bless.

Answer 9

Sign up with all of your local temp agencies. If you have a lot of computer skills, try to find some agencies that fill higher, "creative" type positions. Some of these jobs don't actually pay that bad, although there is no security.

Answer 10

If you were working then you qualify for unemployment ,
Get it . . . Then . . .

I would be doing 4 interviews a day and putting in my info with a temp agency .
Temp agencies can put most people to work now .
In my spare time I would continue to look for a better paying job .
And even when I got one , I would work a 2nd job .

Worked 2 jobs for years , just so I would not be in this position .

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