The notice that came Thursday – that USG was closing its Southard plant – was something most people employed there were hoping never happened. It did and it leaves some 260 employees wondering what to do next.
Financial adviser Dave Ramsey speaks to this situation regularly on his syndicated shows, podcasts and on his website.
The first order of business is to secure your food, utilities, shelter, transportation — in that order. These are non-negotiable. Everything else can wait, at least temporarily.
The next step is to cut non-essential spending immediately, even though there may be a few more months of employment available. Subscriptions, eating out, entertainment should all be eliminated until things are back on an even keel. It isn’t easy or fun, but it will keep the situation stable.
Be prepared to file for unemployment benefits. You will have to go online and create an account with the state office. There are requirements to file for unemployment. These include: Have earned sufficient wages during the base period (typically the first four of the last five completed calendar quarters) with at least $1,500 total.
Be unemployed through no fault of your own, such as a layoff or reduction in hours.
Be physically able and available to work, and actively seeking employment To file, you will also need your Social Security number, driver’s license or state ID, date of birth, and contact information; Names, addresses, phone numbers, and dates of employment for all employers in the past 18 months; Pay stubs, W-2 forms, or other wage records, including pay frequency; banking information for direct deposit of benefits Visit the Oklahoma Employment Security Commission (OESC) claimant portal at ui.ok.gov Create a profile using your personal information and verify your identity with an accepted ID, like a drivers’ license or state ID card. Identity verification is required every 90 days while receiving benefits .
Once your employment has ceased, log into your account and follow instructions to submit a Traditional Unemployment Compensation application.
Enter all required personal, employment, and earnings information accurately, certify that the information is true and submit your claim. Wait for a determination from OESC regarding your eligibility. Respond promptly to any requests for additional documentation.
After your initial claim is approved, you must submit weekly certifications for each week you are unemployed. Report wages earned, availability to work, and at least two job search efforts per week. Keep a record of your job search. The search does not have to be done through EmployOklahoma, although it is a good resource to have.
While searching for a new job, don’t forget that any income counts right now. Consider gig jobs, contract work or remote employment. It might not be the perfect job, but it counts.
Attack looking for your next job like a full-time job. Update your resume, reach out to your network, and apply daily.
Ramsey marks one critical thing: do NOT touch your 401(k) unless it’s to avoid facing bankruptcy or foreclosure, because the taxes and penalties are very high. And health insurance is urgent. Don't let a gap in coverage turn a health issue into a financial disaster. Because the closure is considered a life change, former employees are probably eligible for marketplace insurance coverage.
Many employees will receive a severance package, which could be considered a lifeline. Ramsey suggests treating it like survival money, not a windfall. That means no eating out, no vacations, no big purchases — not until you're back on solid ground with steady income.
Other advice includes building a strict monthly to give every dollar of severance a job and keeping the remainder in a simple savings account as a cash cushion until you're employed again The biggest mistake people make with severance, Ramsey writes, is letting it create a false sense of security and slow down the job search because money is still coming in. Instead, he says, keep attacking the job search with full intensity every single day.
Budgeting can be significant. It identifies where the money is going and how to stop small leaks that can really add up. Users of a strict budget may find up to $3,000 in margin. Everydollar is a free zerobased budget that can be downloaded onto a cell phone or computer that those facing job loss may find helpful.