Family Finance Management

1. First Things First - Adapting to sudden loss of income or occupation

Perhaps you've been laid off from a high-tech, aerospace, or industrial job or are now one of the growing number of families for whom incomes have changed drastically. Undoubtedly, the way you view and relate to your finances will change and it can be an unsettling experience.

"I must do something now!" Don't rush. Taking the time to stay calm and focused can yield significant benefits. Know your options before relying on the advice of friends, increasing credit card debt, borrowing from your retirement account, or declaring bankruptcy. Educating yourself and understanding the resources available to you may help prevent costly long-term financial mistakes.

Do take action, however, and avoid procrastination. You can find a new sense of security and satisfaction in the process. Many companies provide services to assist employees who are being laid off. Find out if your employer is offering assistance.

Practical Advice from OSU:

• "Managing Between Jobs" series

Oregon Employment resources and unemployment insurance:

• Oregon Unemployment Insurance
• Oregon Employment Division

Utility assistance:

• PGE
• Assistance agencies in Oregon (PDF) - From NW Natural

Obtaining and/or continuing medical coverage:

• The basics of COBRA - A commercial site (insure.com), but a good overview on this subject of providing a continuation of medical coverage from your employer.
• Oregon Health Plan
• Oregon Family Health Insurance Assistance Program
• Multnomah County Health Dept. - Community health services, including free immunizations, lead screening clinics, and the WIC Food Supplement Program.
• Oregon Medical Insurance Pool - Provides health benefit portability coverage, including coverage to those who have exhausted COBRA benefits.
• America's pharmaceutical companies are working with doctors to help low-income patients with their prescriptions. Two sources: NeedyMeds.com  & PhRMA.

Education, Retraining and the Dislocated Workers Program:

• 1Stop Workforce Development- A cooperative effort between PCC, state and local agencies, business, and other community organizations. This service links job seekers to employment and training, and employers to available workers.
• Portland Community College
• Mt. Hood Community College
• Clark College/SW Washington

Other Community Connections:

• Oregon Helps - A simple, interactive way to find out if you might be eligible for several programs that serve families and children. In English, Spanish, Russian, and  Vietnamese.
• Housing Connections helps renters find affordable, accessible, and special needs housing in Multnomah, Clackamas, Washington, and Clark counties.
• The Beehive - information on money, health, jobs, school, and family. In English and Spanish.
• Connect2Jobs/ - Online job search and recruiting system for job seekers and employers.
• 211 is an easy phone number to remember providing critical link between individuals and families seeking services for four-county Portland metro area.

Other resources outside Oregon:

• Adjusting to Sudden Loss In Income (University of Minnesota)
• Living Resourcefully on Reduced Income (University of Minnesota)
• Managing Between Jobs (University of Wisconsin series)
• Iowa Concern (Iowa Extension) - a source of help on legal, finance, caring, crisis, and adversity information for families in need.
• Money 2020 (Utah Extension)
• Financial Education (National Endowment)
• Economic Independence Clearing House

Visit the IRS site:

• IRS home site - Unemployment benefits are taxable, but many expenses of job hunting are tax deductible. Find all forms and publications here.
• Taxpayer Advocacy Service for assistance with IRS-related problems and hardships.

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OSU Extension Education Center, Multnomah County
Caroline Cannon, OSU Extension Field Faculty, Family and Community Development
211 SE 80th Avenue
Portland  OR  97215-1597
Family Finance 503-725-2022, FAX 503-725-2020