NASHVILLE, Tenn. (WKRN) — The latest unemployment numbers are expected to be released Thursday, detailing the growing number of people who are without a job in this country.
Tennessee’s claims jumped to a record near 250,000 in a three week period.
On Tuesday. the state distributed close to $94-million in benefit payments for about 110,000 unemployed Tennesseans. That includes the first installment of their $600 from the Federal Pandemic Unemployment Compensation benefit, in addition to their Tennessee Unemployment Compensation benefit.
Financial planning experts said the pandemic highlighted why people should try to have some savings in anticipation of disruptions like this. It’s recommended to have three to six months of savings, and that’s especially difficult for people living paycheck-to-paycheck but they can start small.
“Don’t make a goal that’s so big you can’t obtain it so maybe a monthly goal of saving $20. Maybe forego a couple of times eating out to save that $20 so start small and make it attainable and then you can continue to grow that savings goal,” said Cam Goodwin, President/Managing partner at Hawsgoodwin Wealth in Franklin. “Try to automate it. That’s the biggest thing. If you can have things direct deposited into a separate savings account or something like that. Most employers can handle that for you but automated savings go a long way because you’re less likely to actually spend it.”
The most recent statistics showed 16.8 million people sought unemployment benefits nationwide.
Stay with News 2 for continuing coverage of the COVID-19 Pandemic.