Sample Illustration: Based upon the maximum unemployment weekly benefit rate in the State of New Jersey $624.00. We will use a biweekly figure of $1248.00. While these figures are modest due to expenses needed to maintain a household, I have used these categories as a guide.
Biweekly Rate: $1248.00 (I will split rental and car payments in this sample illustration because the monies are a little lower than our previous illustration.
Pay Yourself First: 10% -$124.80
Tithes/Donations: 10% $124.80
Mortgage/Rent: $499.20 (Split your payment into two payments). Two bi-weekly payments will make up your rental and or mortgage payment per month while you seek fulltime and or part time employment. In circumstances where rental and mortgage payments exceed the amount used in this illustration, one can still apply for General Assistance. –See state specific guidelines.
Utilities: $110.00/$55.00 (contacting your electrical company for payment plan options are also another resource). If you are unable to establish a payment arrangement you can also split this category in two separate payments based upon your bi-weekly pay period.
Cell Phone: $60.00 (It is important to keep this figure modest and to contact your wireless provider to modify your plan to a basic plan while on unemployment).
Groceries : $70.00 (If one needs help in this area one can apply for General Assistance as noted in the previous post).
Car Payment: $150.00/ (Split your payment into two payments).- Two bi-weekly payments will make up your car payment).
Gasoline: $ 50.00
Healthcare: (Medicaid can also help with this category).- See specific state guidelines.
Debt: (It is important to contact your creditors to advise you are experiencing a temporary financial hardship and provide a written statement to your creditors in order to establish a payment arrangement). It is important to communicate with your creditors to maintain your relationship while protecting your credit.
Although we do not have as many resources available for savings, we still have $124.80 remaining that we have paid ourselves from this pay period.
If there are additional debts and or child care expenses one can budget those categories in your next pay period along with the remaining monies needed for rental and car payments.