Columbia, SC (WLTX)- For many Midlands residents the abrupt shutdown of a nuclear reactor project at VC Summer has many concerned about their future. This Money Monday, Financial Educator Steven Hughes shares how former employees can improve their financial outlook.
Disconnect Automatic Draft: When it comes to paying your bills on time, bill-pay or automatic draft is a handy resource. Now that you may have a gap in your income, it's important to be proactive and cancel your automatic drafts until you've found a new position with a stable income. If you do not, you can risk being hit with several fees for insufficient funds.
Double Check Your Outgoing Financial Documents: Did you have vacation time left at your job? Are company contributions vested in your retirement account. Sit down or call the HR professional for VC Summer and ask these questions or shortly after they give you your final paycheck.
Research What Life/Health Policies Are Now Inactive: If you purchased life and health insurance through your company, those policies may be inactive due to the company laying people off. Sign up for your own health insurance policy and reach out to a professional life insurance producer before purchasing a new policy.