Saving unemployment?

[fruitbowlk]

Do you save 10% of your unemployment check?

[bjl584]

I don't receive an unemployment check because I have a job.

I do save around 28% of my income however.

[disneysteve]

Originally Posted by fruitbowlk

Do you save 10% of your unemployment check?

I guess that depends on your situation. Is unemployment replacing 100% of your former income? Since becoming unemployed, have you been able to cut any expenses to make your money stretch farther?

If you are able to live on less than you have coming in, that's certainly ideal, so yes, save it if you can.

[MonkeyMama]

If you can save it, certainly.

Last we had unemployment we saved 100% - didn't need it.

Obviously it just depends on your situation. (Try to save if you can, as much as possible, but don't worry about it if you can't - you are unemployed).

[snshijuptr]

We were able to keep working toward our savings goals even while DH was on unemployment. We had money set aside to assist us in this during the brief summers of unemployment he experiences as a teacher. I figure that as long as I'm just setting the money aside, it's just stretching our unemployment benefit out longer if we need.

[GrimJack]

I put away a little less that 10% but I am still paying off some debts. My UI does not keep me in the manner I adjust to when I am working but if I am careful, I can make it through until I get back to work. My situation is a little odd in that I am a seasonal worker and get furloughed each year. I hope to become full time but right now I am just glad that I get about 6 months work each year. Out of the blue this year, I was called back for 3 weeks last month - that helped a lot.

[JustBill]

One probably should put some portion of the unemployment benefit payment aside, because this is taxable income that will be factored in on your annual return. Total earned income will dictate how much of a factor this will be.

[marvholly]

Directly - No

However, In my state we can 'elect' to have fed & state income tax withheld. I have done so. When I file I will be getting ALL my state back and probably near all my federal which will be a 12-14% savings rate.

[Frugal]

I would only save it if I were in a position to do so. Since unemployment for some people is so low, there is not a lot they can save if they were laid off from a low-wage job.