I have a problem. It seems that the Pennsylvania Unemployment Compensation Bureau is in the process of reviewing my claim to verify if it is legitimate. While I remain confident that I will be getting unemployment benefits in the not too distant future, this is proving to be a bit of sticky situation, as I am not receiving any benefits during the review period (and may not receive anything, if they decide I’m ineligible). I have been spending money as if the money I would be getting from unemployment was already in my account, not bothering to cut my spending to be more in line with my significantly reduced earnings.
In a nutshell, I’m running out of money. My liquid savings are rapidly being depleted, as I dip further and further into the money I have in order to cover things like credit card bills, rent and regular spending. While technically this is the whole point for this saved money (most of the cash I’ve been using had been explicitly set aside as my emergency fund), my spending has been much higher during the past two months than it really should have been, even taking the holiday season into account. I will do everything in my power to cut down my spending, but unfortunately I have to deal with my spending over the past two months without the money I was expecting to receive.
This week’s report is surprisingly upbeat, given all of what I’ve just told you; in the next few weeks, as various bills and other expenses come due, the red ink will start to spread. (Unless, of course, the issues with unemployment get resolved soon and in my favor, in which case I’ll have a lot more breathing room to get my financial boat in order.) With that understood, let’s go to the table:
I realize that all of this not the sort of thing you expect (or hope) to hear from someone writing a personal finance blog, but I felt it was important to point out where I currently stand, financially. Hopefully, if nothing else, there can be a learning experience from my troubles, and I can serve as an object lesson about what NOT to do when you are awaiting unemployment benefits. In any event, thanks for reading, and I hope I can keep providing interesting, solid information here on the Amateur Financier. Thanks for reading!
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