Personal Finance

What It Is — And Strategies to Overcome

Losing a job is tough no matter what. Add a pandemic into the mix, and now millions of Americans are out of work for months at a time, creating a surge in long-term unemployment.

For most out-of-work folks, it’s taking about 21 weeks to find a new job, according to the latest data from the Bureau of Labor Statistics. But for a record-breaking number of Americans, good replacement jobs are scarce, and it’s taking them much longer than that.

Even as the overall unemployment rate drops each month, large sectors of the economy such as hospitality, events, performing arts, and many others haven’t rebounded.

Some time between jobs is to be expected since you’ll want to find a good match. But once you’re unemployed for such a long period of time, it can have a cascading effect.

“In general, the longer somebody is unemployed, the harder it is for them to find new work,” said Michele Evermore, a senior policy analyst at the National Employment Law Project.

Harder, but not impossible. Experts say no reasonable hiring manager is going to hold coronavirus-related unemployment against you. However, the economic situation might put you into some fierce competition on the job hunt.

We’ll cover exactly what long-term unemployment means and what you can do to recover if you find yourself in

Read More

How to Cut Car Insurance Costs: Tricks for Everyone

Today’s new luxury cars come equipped with a growing menu of high-tech driving-assistance options. Safety features like blind-spot collision-avoidance warnings can lower your chances of getting in an auto accident — while also reducing your car insurance rates.

In fact, a new Business Insider article just found that auto insurance companies are offering up to 10% discounts if your vehicle is equipped with an advanced driver-assistance system, or ADAS.

Ah, but what if you can’t afford a new luxury car? What then?

You’ll just have to lower your auto insurance premiums the old-fashioned ways. Here are three strategies:

1. Shop Around

You need to get quotes from a few different places to make sure you’re getting the best deal. So how do you know which companies to get quotes from? We suggest letting someone else do all the hard work for you.

A free website called Savvy will help you find the best price — in just 30 seconds. In fact, it saves people an average of $826 a year.

All you have to do is connect your current insurance, then Savvy will search hundreds of insurers for a better price on the same coverage. It’ll even help you cancel your old policy and get you a refund from your current insurer.

2. Raise Your Credit Score

Everyone knows a

Read More