A job loss is never about just one person. When you or your partner is laid off, it affects your entire household. From adjusting your budget to navigating new job opportunities, couples face unique challenges when dealing with unemployment, especially if you have children to support.
With recent federal workforce layoffs impacting Maryland families, Governor Wes Moore has introduced new state resources to help those affected. If your family is facing job uncertainty, now is the time to create a financial plan, explore career transition options, and take advantage of Maryland’s support programs.
This guide will help you and your partner navigate a layoff together, maintain financial stability, and move forward with confidence.
Communicate and reassess your household finances
When one partner is laid off, it’s crucial to sit down together and evaluate your financial situation. Taking proactive steps early can stretch savings and reduce stress and uncertainty.
- Review your household budget: List all current expenses and separate them into essentials (housing, utilities, food, healthcare) and non-essentials (subscriptions, dining out, entertainment). Identify areas where you can cut back to extend your financial cushion.
- Assess your savings: Determine how long your emergency fund can cover essential expenses. Prioritize using liquid savings before withdrawing from retirement accounts, which can have penalties and tax implications.
- Adjust spending: Create a temporary financial plan prioritizing necessities while delaying large purchases and discretionary spending. Explore hardship programs for mortgage payments, rent, or utilities if needed.
- Use Maryland resources: The Maryland Unified Benefits Screener can help you check eligibility for food benefits, temporary cash assistance, and energy assistance. Even if you have savings, these programs can help reduce financial strain.
Apply for unemployment and explore state benefits
Filing for unemployment insurance (UI) benefits as soon as possible can help prevent income gaps. Maryland has expanded its resources for laid-off workers, making the process more accessible.
How to apply for unemployment in Maryland
- Start your application: Visit the Maryland Department of Labor’s Unemployment Assistance page to begin your claim.
- Understand the process: Review the unemployment insurance FAQs for eligibility details, required documents, and payment timelines.
- File as soon as possible: Processing takes time, so submit your claim as soon as possible to avoid delays.
Important note: While unemployment benefits provide temporary relief, they are not guaranteed for all applicants. Checking eligibility and submitting accurate documentation will help avoid delays or denials.
Adjust debt and loan payments
A sudden loss of income can make it difficult to keep up with bills and loans. Act quickly to prevent missed payments, late fees, and long-term financial setbacks.
- Contact your mortgage lender or landlord: Many lenders offer temporary forbearance, reduced payment plans, or loan modifications for those experiencing financial hardship. Renters should ask landlords about potential assistance options.
- Negotiate with creditors: If you have credit card, auto loan, or personal loan debt, ask about hardship programs that allow deferred payments, lower interest rates, or temporarily reduced monthly obligations.
- Refinance or consolidate loans: Lowering interest rates or extending loan terms can make debt more manageable. Check with lenders for refinancing options.
- Explore Maryland assistance programs: The Maryland Public Servants Resource website provides housing assistance, food benefits, cash relief, and other emergency resources. Check your eligibility.
Explore career transition opportunities
Losing a job can be an opportunity to pivot into a new field. Maryland offers career support and hiring initiatives to help displaced workers transition into high-demand industries.
Maryland career support for laid-off workers
- Live Work Maryland Job Search: A great resource for those looking to transition into IT, life sciences, aerospace, engineering, and other in-demand fields. Currently, over 130,000 jobs are listed.
- Teach Maryland: If you’re considering a career change to education, Maryland has fast-tracked pathways for professionals to become certified teachers. With over 1,600 vacancies, this could be a great option for those with relevant experience.
- Maryland Job Fair Calendar: Stay updated on state and local hiring events that connect job seekers with public and private sector employers.
We’re also always looking for our next amazing employees. Check out the SECU careers page to see if there’s an opening that fits.
Moving forward: Protect your family’s financial future
A layoff is stressful, but it doesn’t have to define your financial future. By making strategic adjustments, exploring new opportunities, and using state and financial resources, you and your partner can stay on track and plan for long-term stability.
One of the best steps you can take is getting personalized financial guidance. SECU’s Virtual Financial Center offers free financial wellness checkups, providing flexible, one-on-one support tailored to your family. Whether you need help managing expenses, preserving savings, or planning for the future, SECU is here to help.
Don’t navigate this transition alone. Schedule your free financial wellness checkup today.
