Expand / Collapse search
☰

Federal firings force challenging money moves

By
Published  February 21, 2025 5:50pm CST
Business
FOX 26 Houston

Corporate layoffs expected as federal layoffs are underway

FOX 26 Business Reporter Tom Zizka spoke with a financial advisor what people can do after losing their job.

The Brief

    • The Trump administration wants to trim 10% of federal workforce, affecting hundreds of thousands.
    • Many leave without any advance warning or severance considerations.

Financial experts suggestions:

  • File for unemployment benefits. In Texas, recipients can receive up to $591 / week for 26 weeks.
  • Secure health insurance, either through COBRA coverage or Affordable Care Act marketplace.
  • Inventory available finances.
  • Tap into your emergecy fund, if available.
  • Reorganize household budget.
  • If you're expecting a tax refund, early filing can access money sooner.

What they're saying:

HOUSTON - "When you're let go with zero notice, it's hard to prepare," says Woodlands financial advisor Michael Neuenschwander. "Those bigger, kind of structural changes often save a whole lot more money, than the little things here and there, but they're often the tougher decisions to make."

U.S. judge rejects temporary block on federal worker layoffs

The U.S. District judge shot down a request from several federal labor unions who wanted to pause the mass firings of federal workers by the Trump administration.

The Source: FOX 26 Business Reporter Tom Zizka spoke with Woodland Financial Advisor Michael Neuenschwander.

BusinessNewsMoney