Money Management

It isn’t easy to prepare for a loss in income, but there are steps you can take. 

The emergency Supplemental Nutrition Assistance Program (SNAP) benefits that some households have come to rely on will no longer be paid after February. In some states, families have been able to receive additional food benefits since March 2020, but now those pandemic-related benefits will end nationwide.

What the end to emergency allotments means

Normally, SNAP benefits are calculated by taking the maximum benefit amount and making deductions depending on income and other factors. But the emergency allotments meant states could waive those rules and pay families the maximum amount for their household size. Families that already received the maximum could get up to $95 in extra benefits.

According to the Center on Budget and Policy Priorities (CBPP), the maximum SNAP payment for a family of four in 2023 is $939, but the average benefit is $718. That shows that when the emergency allotments end, some families will receive considerably less money. Indeed, according to the Food Research and Action Center, on average, SNAP recipients will lose $82 a month.

Last year’s spiraling inflation hit lower-income households harder. It’s more difficult to cut back when you’re already spending a large amount of your income on essentials. The extra SNAP money meant families had more in their bank accounts to cover other costs such as rent and utilities.

How to prepare for the end of emergency SNAP benefits

As of January, over 30 states were still paying emergency allotments, and most of them will likely continue to do so in February. However, if you live in one of those states, it’s important to start thinking about how you’ll cope come March. Make sure your income and other details are up to date with your local agency — if you’ve lost hours or your income is less than it was, you may be entitled to more money.

In the near term, you might make the most of the extra money to buy staples in bulk this month that will last you into March and April. Bear in mind that you don’t have to spend all your SNAP money every month. Depending on how tight your budget is today, perhaps you could also carry some of your extra SNAP money over so you’ll have a little more when the extra payments end.

Here are four additional steps that might help.

1. Take stock of your finances

If you’ve gotten used to additional SNAP benefit payments, losing that extra money will likely come as a blow. You may feel like you’ve already made dramatic cuts to your budget to handle the crazy cost of living increases, but unfortunately you may need to reorganize your spending even more.

Work out how much less you will receive and what impact that will have on your total income. Use the new figure and revisit your monthly costs versus your income. If you spend more than you bring in, look for any areas you can cut back or ways you can bring in more money. There are no easy answers, and the temptation to use a credit card or take on debt to handle the difference is understandable. The trouble is that debt payments can add up and will eat into your monthly budget, making life even more difficult down the road.

2. See if you’re eligible for other financial assistance

SNAP is not the only federal assistance program out there. In terms of food assistance, you may qualify for WIC, also known as the Special Supplemental Nutrition Program for Women, Infants and Children. People over 60 years old may be eligible for the Commodity Supplemental Food Program (CSFP).

READ MORE: 4 Little-Known Perks of WIC Benefits

Housing is one of the biggest costs for most families. Individual states and territories have different rental assistance programs, so if you haven’t already, see if you are eligible. The Housing and Urban Development (HUD) also runs a public housing program for low-income families.

You may also be able to get help to cover your utility bills through the Low Income Home Energy Assistance Program (LIHEAP). Head to benefits.gov or call United Way by dialing 2-1-1 to find out more about financial assistance programs in your area.

3. Get the most out of the SNAP benefits you still receive

The end of emergency allotment payments means many people will get less SNAP benefits in March. However, there are ways to make the money you do receive go further. For example, with the Double Up Food Bucks program, you’ll get $2 worth of fruit and vegetables for every $1 you spend at participating markets and stores. It’s a great way to get fresh produce, effectively at half price.

Some cash back apps also work with your Electronic Benefits Transfer (EBT) card, meaning you can earn rewards on your grocery shopping. If you need to buy more expensive items, such as meat or laundry detergent, hunt around for coupons or special offers that will reduce the costs.

4. Look into emergency help

If you are having trouble feeding yourself or your family, you are not alone. More than 50 million people used food banks or food pantries in 2021, according to Feeding America. Search for nearby food pantries and soup kitchens and find out how they work. There are no rules to stop you visiting several food pantries in your area, but if you haven’t been to one before, bear in mind that you might need to arrive early to get certain items. You may also need to provide some form of ID or proof of address.

Bottom line

Losing the extra SNAP benefits in March will put a hole in many family budgets. While there are no easy answers, don’t ignore the problem. The more you can plan now and hopefully even adjust your spending, the less painful the drop in income will be.

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Don’t go to the grocery store again without reading this. 

When you go grocery shopping, you understandably want to keep costs down as much as possible so you don’t end up with a huge credit card bill that’s hard to pay.

In many cases, buying generic products is one way to help you reduce your food spending. Generics tend to be cheaper than their name-brand counterparts and they’re often, but not always, similar.

Sometimes, though, you may prefer to buy the name brand. The good news is, finance expert Dave Ramsey has a tip that you can follow that could actually result in the name-brand costing less than the generic alternative. If you’re interested in buying a branded product for less, it’s possible this advice could help make that happen.

Here’s how Ramsey says you can save on name-brand items

If you want to be able to purchase brand names instead of generics, and still spend less money to do it, Ramsey said there’s one habit you will have to adopt: couponing.

“Most coupons are for name-brand items,” Ramsey explained. “If you have a good coupon (or several that you can stack!), it can drastically lower the price — sometimes even lower than the store brand. So don’t automatically assume generic will be the least expensive option every time.”

Ramsey suggests taking the time to compare prices, while also checking sales flyers and the manufacturer coupons that are available, in order to find the best deal. If you can get a brand-name item for less than the store-brand alternative, it’s typically a win-win and worth the effort.

How to implement Ramsey’s advice

While some of Ramsey’s advice is questionable and may not be worth following, his suggestion to use coupons to save on name-brand products is spot-on. Coupons can dramatically reduce the price — especially if you are able to combine offers. In fact, sometimes it’s even possible to purchase name-brand items for free or for mere pennies if you use coupons wisely.

The key, though, is figuring out how to actually make coupons work for you. And there are a few ways to make that happen:

Understand the sources of coupons: Many coupons come in inserts in the Sunday paper, so you’d theoretically have to purchase a paper to get them. However, you can buy Sunday paper coupons preclipped online, if you don’t feel like going to the hassle or expense of buying a paper and cutting coupons out of it. You may also be able to get coupons on online sites, including from different product manufacturers, or by contacting the manufacturer directly to review its product or ask for deals.Look into stacking coupons: In many cases, it’s possible to use multiple coupons at once such as a store or manufacturer coupon. These are situations when you can really get a good deal because you are reaping savings from multiple sources.Plan your shopping strategically: If a name-brand item is cheap with a coupon, buy enough during the time the coupon is valid to last you through the next time the item is on sale. That way, you can avoid having to pay full price or having to buy a generic alternative.

With these tips, hopefully you can fill your pantry with the name-brand food and other household staples you love without busting your grocery budget.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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A new job could be yours — if you take the right approach to finding one. 

In 2020, U.S. unemployment levels soared as jobs were rapidly shed at the start of the COVID-19 pandemic. But we’ve come a long way since then. And these days, the national unemployment rate is low, and the labor market is nice and solid.

But it’s hard to ignore all of those big tech layoffs that have been in the news. And in a recent Monster survey, 28% of workers said they’d be hesitant to quit a job after a short period of time because they’re worried about finding a new one in today’s economy.

Now, the reality is that a lot of companies are still hiring. But with recession talk in the news, it’s easy to see why so many people are getting spooked.

In fact, financial experts have been warning consumers for months to boost their savings account balances in case economic conditions start to decline. So it’s easy to see why you may not feel so confident about getting a new job these days. If you do these things, however, you might find that you’re able to get hired once you decide to take that leap.

1. Expand your skill set

The more skills you’re able to offer prospective employers, the more likely you are to get hired once you decide you’re ready to get a new job. Assess your current skills and identify those that are missing within the context of your industry, current role, and desired role. Learning something new could help you set yourself apart from other candidates who may be vying for similar jobs.

2. Present an exciting resume

A boring resume is one that hiring managers might gloss over. Jazz up your resume with action verbs and numbers. If you helped boost sales by 20% last year, say so. That’s more likely to catch an employer’s eye.

3. Talk yourself up in your cover letter

Your cover letter isn’t the time to be modest. Rather, it’s your opportunity to tell prospective employers how awesome you are and what you bring to the table. Don’t hesitate to talk up the qualities that make you unique — as a person and an employee. And also, feel free to share a short but meaningful story of a recent work-related achievement so your potential employer can get a sense of what you’re truly capable of.

4. Take full advantage of networking opportunities

Sometimes, knowing the right people could be your ticket to getting hired. If you decide to pursue a new job, blast that desire out to everyone you know. Ask friends, neighbors, and former colleagues to put your resume in front of the right people. And put yourself out there by attending networking events in your area and for your industry. Making new contacts during a job search could really go a long way.

Finding a job may not be as difficult as you’d expect it to be in today’s economy. But that doesn’t mean you won’t face some challenges. Employ these tips, and you might have a much easier time landing an offer.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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