Special Savings to Complement Unemployment Benefits

As of June, the United States unemployment rate was 9.5%, according to the U.S. Bureau of Labor Statistics. With millions of Americans unable to find work, some organizations have begun to respond by offering discounts or other savings for qualified individuals. While the list that follows is not exhaustive, it provides good examples of the types of savings available to the jobless.

1. The Kmart Smart Assist discount program offers cardholders an extra 20% off 1,500 private label items in its stores. Registration is free and can be completed at the Kmart website. To receive the discount, at checkout present your Smart Assist card (printable upon registration), a state-issued ID and a state-issued confirmation of unemployment benefits.
2. The government's Federal Direct Loan program offers a deferment to unemployed loan holders. The loan deferment application is available as an online form and also as a printable. Approved applicants can postpone loan payments for up to three years but must reapply every six months. State-issued unemployment benefits are not a requirement for this program. On a related note, if you're considering returning to college or entering for the first time, your employment status won't affect your ability to obtain federal loans, so you can go ahead and apply for them even while you are unemployed.
3. Contact your mortgage company and other credit holders, preferably before you fall behind. They may be willing to work with you to temporarily reduce your payments or waive late fees, especially if you have a steady payment history prior to unemployment. New laws mandate that mortgage companies work with struggling homeowners, so take advantage of programs that may be available to you.

While recovering from unemployment can be difficult, there are steps you can take to make the most of a reduced income. Look for ways to save on all your monthly bills, including restructuring student and home loans. Shopping for the best prices on household goods and food and using coupons is a good idea anytime, but can be especially important during periods of unemployment. Combine frugal living with opportunities for the unemployed to reduce the financial impact on your family.

Rebecca Dale is a business teacher, avid couponer, and mom to two little boys. Her goal is to continually reduce household expenses using those savings to invest in family fun and save for the future. Savings.com lets her share deals with others as well as find deals for herself and family.