What are You Doing with Your Unemployment Benefits?


One of the issues in the news a lot right now is that of jobs. Once again, starting in 2012, millions are facing the prospect of losing their unemployment benefits — unless these benefits are extended once again. In a tough job market, extending unemployment benefits seems like the thing to do. Otherwise, there is a chance that millions of people will be unable to afford to buy what they need. And, of course, once people stop spending, the economy suffers. It’s already bad enough; what happens when more people no longer receive their regular unemployment check?

Of course, the situation wouldn’t be so dire if everyone on unemployment took some of that money and used it to change their circumstances. Yes, those benefits are an important part of an unemployment budget. However, being unemployed might be just the opportunity you need to improve your skills — or even start something new.

Putting Unemployment Benefits to Good Use

Without an extension from Congress, unemployment benefits will be running out. If your unemployment benefits are coming to an end, now is great time to see if there is something you could do with that money to improve your job prospects. Indeed, there are some high paying jobs available, and you could direct some of the unemployment payments you receive into trying for those jobs. Use the money to pay for a membership to an upscale job seeking site like TheLadders or Doostang. You could also use the money to hire the services of a career coach (be careful though; some career coaches are rip-offs) to help you build a better resume, and improve your interview skills.

Even if you use your unemployment money to provide the necessities of life, you could take this chance to look for an internship or do volunteer work. You might not get paid much, but you will gain experience, keep your skills fresh, make connections, and have something to show that you weren’t completely idle during your period of unemployment.

Maybe You Could Start a Business

While you have this down time, it might be worth it to start a business. If you can make a little supplemental income to help out, you can move on when your unemployment benefits run out. You can start a side business, or start a web site. It takes time to start a business, and it takes a great deal of effort and dedication. However, it is possible to make it work. And now is a great time!

If you can arrange it, you can use some of the money you receive from unemployment benefits to help you get started with a business, or even to start a dividend portfolio that might help you earn passive income. These things take time, but you might as well be productive. Allocate some time to your job search, of course, but also set aside some time that can be used to help you build up alternative income. That way, if the unemployment benefits do run out, you will have something to fall back on.

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