How to Prepare for
the End of the $600 Weekly
Unemployment Benefit Assuming there is no extension
of federal legislation, the $600
unemployment benefit as laid out in
the CARES Act is set to expire on July 31. Experts refer to the end of the
CARES Act benefit as a "rude awakening"
for those who are out of work
due to the coronavirus pandemic. These four suggestions
can help you prepare. 1. Resist the urge to splurge. If the initial check is several weeks of
benefits combined, pay off outstanding debt
or set some aside for future bills. 2. Make sure to budget. Knowing and planning for
monthly expenses can make a
huge difference when the
$600 a month comes to an end. 3. Use a portion to
build an emergency fund. Having $1,000 in the bank for
emergency situations can
be extremely helpful. 4. Don't forget about taxes. Unemployment assistance is taxable income.
Choosing to have taxes taken out
up front is a wise choice.