Here’s how you can save money now
COVID-19 unemployment benefits are due to expire on Monday, September 6, 2021, but due to state administrative rules, the last week payable for many receiving the additional $ 300 check will be Saturday or Sunday.
About 7.5 million Americans will lose their unemployment benefits in the event of a pandemic or receive a reduced check every week after the deadline.
On March 18, 2020, then-President Donald Trump signed the Families First Coronavirus Response Act (FFCRA) to allow state unemployment insurance agencies to provide additional funds due to the pandemic. Next, President Joe Biden expanded the eligibility requirements for benefits when he signed the Coronavirus Aid, Relief and Economic Security Act (CARES) on March 27, 2021.
But now as the last week payable for Pandemic Unemployment Assistance (PUA), Pandemic Emergency Compensation (PEUC) and Mixed Unemployment Compensation (MEUC) . comes to an end, millions of people will lose the extra $ 300 in benefits. If this is your last weeks of unemployment benefits, there are several ways you can save money on your monthly bills without filing for unemployment insurance. For example, consider refinancing your mortgage at lower rates to save up to hundreds of dollars on your monthly mortgage payment. Visit Credible to find your personal mortgage rate and see how much you could save.
Economic impact of the end of services
For many Americans, additional federal unemployment benefit programs have already ended – only 26 states still pay benefits, according to the Century Foundation.
“What happened in the 24 states that managed to cut pandemic benefits quickly demonstrates that the looming cliff of unemployment will quickly translate into severe economic hardship for millions of people,” Andrew Stettner, senior researcher at the Century Foundation. “For example, economist Arindrajit Dube looked at the experience of workers in states that cut benefits and found that the extra earnings among the minority who were able to return to work amounted to only seven percent of allowances lost while spending fell 20% during the month.
This expiration of federal pandemic unemployment compensation comes as job vacancies hit a whole new high of 10.1 million on the last working day of June, according to the Ministry of Labor, where hiring rose to 6.7 million.
If you’re on the verge of losing your benefits and looking for new ways to save money, consider refinancing your student loan to lower monthly payments amid record interest rates. Visit Credible to compare multiple lenders at once and choose the one with the best rates for you.
The best ways to save money
When pandemic-related benefits end, millions of people could be left with no income, earn less than before the pandemic, or revert to regular unemployment benefits. If you are looking for ways to save money, consider the following options:
- Take a tour of auto insurance
- Refinance your loans
- Take out a personal loan
Shop your auto insurance: Many drivers assume that if they buy the best insurance rate available to them, it is always the best rate. However, as a driver’s circumstances change, including their driving history, age, or even profession, other companies may offer better discounts for their situation. Visit Credible to compare multiple auto insurance companies immediately and find the best bonuses.
Refinance your loans: With interest rates near historic lows, Americans can save money by refinancing their mortgage or student loans and saving money on their monthly payments. Visit Credible to get pre-approved in minutes without affecting your credit score.
Take out a personal loan: If Americans are struggling to make their monthly payments, they may consider taking out a student loan when interest rates are low. A personal loan can help cover expenses while borrowers catch up and find stable employment. Contact Credible to speak to a credit expert and get all your questions answered.
Have a finance-related question, but don’t know who to ask? Email the Credible Money Expert at [email protected]e.com and your question could be answered by Credible in our Money Expert column.