Extra Federal Unemployment Benefits Set To Expire In Utah On June 26
SALT LAKE CITY — Four states have already opted out of enhanced federal funds for unemployment benefits, eight more will end those funds this weekend and Utah will follow suit on June 26.
The American Rescue Plan passed Congress to help people weather the storm with $300 a week in additional jobless benefits.
And with that going away, what’s next?
“While people are easing into that they’re also a little apprehensive saying what should be looking at that’ll give us the best chances for success,” said Michael Stevens with Capital Wealth Advisors.
Stevens said it’s a process to get things back to normal economically, but Utah is ready.
Utah has the lowest unemployment rate in the country at 2.8% and tens of thousands of jobs are available, so Gov. Spencer Cox said the need for an influx of federal funds isn’t necessary anymore.
Stevens spoke with KSL’s Dan Spindle and said now’s the time to start planning for the future by really breaking down needs versus wants.
“It’s easy to start accumulating and then over time, you go, ‘I really don’t know what I have and is this necessary anymore,’” he said.
Michael said it boils down to the basics: Audit your expenses to rid of the extras and start an emergency savings fund with enough money to cover three-to-six months of expenses.
He also recommended using the avalanche method to tackle debt, which focuses on paying off accounts with the highest interest rates first.
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