The first step workers should take after a layoff, as job losses soar

This year has been the worst for layoffs since the start of the pandemic, a new report shows — and those newly unemployed workers are entering a tough job market.

While a job loss can leave workers scrambling to keep up with bills like their mortgage or children’s college tuition, there is one thing it’s important to do before you reassess your expenses or talk to lenders, experts say: Apply for unemployment benefits.

It can take weeks for the benefits to reach you, and minimizing that wait can help you shore up your financial situation.

“After a layoff, workers should apply for unemployment benefits immediately to help cover essential expenses and preserve their savings for true emergencies,” said certified financial planner Douglas Boneparth, president of Bone Fide Wealth in New York. Boneparth is also a member of the CNBC Financial Advisor Council.

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