How to be financially prepared if additional $600 in weekly unemployment expires July 31

How to be financially prepared if additional $600 in weekly unemployment expires July 31
The House and Senate still debate to pass second stimulus check and possible extension to these unemployment benefits. (Source: Storyblocks)

BATON ROUGE, La. (WAFB) - That additional $600 per week in federal unemployment benefits is set to expire on Friday, July 31. So, come August and you’re still out of work, your income may reduce to the maximum weekly state benefit of $247.

We spoke with Ernie Burns from Burns Estate Planning & Wealth Advisors to help you be better prepared with your money.

He says don’t start panicking yet. The House and Senate still debate passing the second stimulus check and possible extension to these unemployment benefits.

“I’m thinking it’s going to be reduced,” said the president and CEO of the local wealth advisors firm. “They’re looking at possibly down to $450. And then maybe even getting an incentive check if you go back to work.”

While it’s uncertain if other help will come from the federal government again, Burns says to treat this as an alert.

Your unemployment benefits may run out sooner rather than later, so start budgeting and saving now.

You have to watch your means. This extra $ 600 dollar a week you’re getting right now, maybe you should stack that up in the background so that you’re able to supplement your income later when emergencies happen,” Burns said.

He recommends you put this additional income away in a savings account and take advantage of the many job opportunities out there right now.

He says you do not want to become dependent on the government.

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