We know a layoff is coming in a few months...how to prepare now?

Discussion in 'Budget Board' started by SnowWhite607, Jan 19, 2013.

  1. SnowWhite607

    SnowWhite607 DIS Veteran

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    I know this is an old thread I am reviving but........now he has lost the softball job as well! The athletic director never liked him and has been determined to get him out for a few years and now he finally has. He gave some BS reasons, none of which are true or reasons to be fired but I digress........so we are talking about the $3000 bonus check and about $500 a month. If I was not worried before, I am now!!
     
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  3. Mad4Mickey

    Mad4Mickey <font color=FF66FF>All SINGLE Firemen have a MARRI

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    I am taking a 45% pay cut next year in March and I know its coming but it doesnt make it less scary : )

    My Dh is making me do a program by Dave Ramsey ..... Its not easy but I am making it work . I just started it a couple of months ago and I am on track to even have my only credit card paid off in a few more months . I read every thread on here when it comes to saving money and I was already a coupon freak . Listen to what most of the people say on this board and try to apply what you can to your life . Not all the stuff on here will work for me but I sure try what I think will .

    This is my choice to change jobs so not like what you are being put through but I understand what you are going through .
     
  4. SnowWhite607

    SnowWhite607 DIS Veteran

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    Thanks Mad.......it IS scary. We have all been walking around this weekend kind of in shock and disbelief. I mean, this was a job he had done well for 15 years and to be let go with no warning whatsoever......was never told "you need to _____" or we will look for someone else.......it was all about fundraising. He didnt raise enough money apparently. Never was told he even needed to. So we think it was a bogus firing. However, we are still in the same boat. And found out the house payment is going up about $150 dollars starting in June.

    My parents refinanced their house a few months ago so I am going to talk to them about what is involved with that. It may be an option we need to look into. And we have some savings to fall back on if need be. I just hate it that when we finally think we can get ahead and start saving some for college, retirement, get some life insurance, etc then something happens and we are back to square 1.
     
  5. turnlisa

    turnlisa DIS Veteran

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    I lost my job last year and I was the higher paid of the 2 of us. It cut our income in half. I found out in June and was finally let go at the end of July. Some things we did:

    • Consolidated our cell phones onto one plan - this saved us $60 a month
    • Shopped around for ways to cut down our internet/phone/DirecTV. We discovered by switching companies and consolidating we saved $70 a month.
    • Coupons, coupons, coupons! I clipped like never before and saved over $40 a week in coupons.
    • Cut out all dining out. We cut it entirely and saved over $400 a month.
    • Get on a budget and stick to it - start early. We started a budget as soon as I found out and stuck to it. Anything we had to do to stick to it we did it.
    • Get your kids buy-in! This is very important. My kids started to realized that money doesn't grow on trees.

    We were very lucky that I was only laid off from August 1st through November. I found another job that was tons better than the old one - less hours, more pay, better life/work balance. Things are so much better but if you had asked me in July of last year I was all doom and gloom. After all I had been there for 17 years. Almost a year later and it was the best thing that could have happened to us. Keep your head up - good things could be right around the corner! I am a firm believer that everything happens for a reason!
     
  6. danygirl

    danygirl DIS Veteran

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    If he can't coach, can he get paid to be an official at the hs level or pop Warner level? Might make up a lot of that income.

    Also, around here there are plenty of hs sports to coach, and coaching skills transfer from sport to sport. A good coach is a good coach. Look into other sports. Football is not the only sport out there.

    I would use coupons to stock up but only on the super cheap deals. You can't buy gas with macaroni, so focus on saving.

    Good luck
     
  7. danygirl

    danygirl DIS Veteran

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    Child support is not something to run and reduce.
     
  8. sweetdana

    sweetdana DIS Veteran

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    Actually I would start budgeting according to the low # and save the rest.

    Having an extra 1200$ is way better than a full basement of groceries.

    Can he/pick up a summer gig doing something else. Nannying? sports camps? waitressing? I would try that route too. If he is a teacher, I imagine there are a few hours a week he could pick up with a part time job.
     
  9. allison443

    allison443 DIS Veteran

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    Since you made your first post about this in January, what were you guys able to do to account for the upcoming layoff? Did either of you get summer jobs like teaching summer school, etc.? Was your dh able to get the other possible coaching job he was looking for (I think you said junior high?)
    Hopefully you took some of the steps that were discussed.
    I definitely suggest looking at refinancing. Look around though because some places may have low or no closing costs while some have higher costs.

    Good luck with the situation and sorry you are going through this.
     
  10. Jridou

    Jridou Mouseketeer

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    DITTO ! We lost hundreds and hundreds of dollars worth of frozen food when the power went out for 10 days after the derecho last summer. Now if I buy a large pack of meat, I may freeze half but won't buy more meat til that's used up. My stockpiling days are OVER and quite honestly my grocery bill is about the same.
     
  11. pocomom

    pocomom Brr.....

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    Sorry you are going through this. Based on your budget stuff before, I would cut out all eating out now. You said you still have $200 you normally spend on that. It is perfectly doable especially with more time on dh's hands to not eat out. Coaching is a big time commitment. While losing the money is tough, time is now back in your favor. We are doing a big cut back right now too, dh switched to a job that makes 30k less a year. We have no cable (roku) I'm looking at cutting our gas,electric, and water bills through conservation, insulation etc (some of it not immediately economical, but long term) . I have a substantial garden. (was a hobby , but we expanded this year with more things we eat a lot of, or are expensive) We joined a CSA for other veggies, not always a money saver, but for us it is. I make homemade cleaners. Cut back on the amount of clothing/toys/etc. I buy the kids. But they do have earning opportunties to get their own things. We're also cutting back on some of our long term savings like college to have a bigger short term cushion for when there are house repairs/car repairs etc. EVERYTHING I purchase has some thought behind it... first do we need it? can I substitute something cheaper or something I have on hand? is it on sale? , at the best price? I coupon a little, and buy a discounted gift cards to pay for a lot of things. I make most of our food from scratch too. With a little planning it doesn't take much more time, is healthier and much cheaper. I think it is easier if you view half as a spending problem, (ditch the eating out and trim the grocery budget a tiny bit and you are already there) and half as an earning problem. Tutoring either independantly or through a company that does it, coaching, camp, running kid's activities through community college programs or your town all great options for a teacher looking to earn a little more. Also think about where other seasonal employment opportunities are where you live. Could dh lifeguard,bartend, run a lawn mowing/pool cleaning or some other service?
    As far as the child support I'm surprised you have to pay for a 19 year old child in PART TIME community college. I normally would be the first one up in arms about you suggesting to reduce the payments, but honestly paying at all seems a little ridiculous. My kids live with me and I certainly wouldn't support them financially if they were just attending school part time with no jobs. Of course getting that sort of thing changed can cost more than the benefits... but might be time for dh and his ex to give the kid a kick in the pants regardless.
     
  12. HeatherC

    HeatherC <font color=blue>Alas...these people I live with t

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    So sorry this happened. A couple things come to mind...

    you mentioned refinancing? I would do it NOW before his paycheck changes. If you have a 15 year, consider going to 20, etc..

    Call your insurance companies...car and home. Can they raise the deductible and lower monthly payment.

    Cancel home phone if you both have cell phones. Cancel or drop to basic cable.

    Plan out every meal and try to stretch them. Cook a large chicken or roast, etc.. and make it last for three meals.

    Craigslist anything you want to get rid of.

    Part time jobs? Evenings or weekends? Babysit, waitress, etc.?

    Hope things turn around quickly for you!!!
     
  13. 2disneyboys

    2disneyboys DIS Veteran

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    I agree w/ other posters .. start living on the reduced income NOW and use the difference to pad your emergency fund/savings.

    This will be hard, esp, if you already live frugally. Your best bet is to write out ALL your monthly bills in order of importance. don't forget the bills that don't come up monthly as you need to "plan" a montly amt for that. so you have the $ when it does come up. At the top put how much money you expect (on his new salary) then go down the line. Pay what you can until you run out of money. Anything you are not able to pay you have a choice... either eliminate it or find a way to generate extra income to cover it. If it were me, I would start in May living off the "new" income and put every extra cent towards my savings. Good Luck OP, it's a hard place to be in, and I hope it turns around soon for you.
     
  14. malibuconlee

    malibuconlee <font color=red>OOH - I think I've finally figured

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    Haven't read all the responses, but what about a different summer job for your husband?

    In the small town I grew up in one teacher I had well he worked at a factor over the summer for extra money. Another teacher, I worked with his wife and he worked construction work over the summer. Both were seasonal temp jobs and it worked out well for their families.
     
  15. SnowWhite607

    SnowWhite607 DIS Veteran

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    For the person who asked for an update, here it is:

    He got a jr high football coaching job, but it is about half of what he made last year and in the previous years coaching football. He also has been searching for other coaching jobs and may have another softball job as an assistant. This will still pay cut nevertheless. He was making 17% extra of his salary last year, next year it could be as little as 7% or up to 11%, we just dont know yet. But a 10% pay cut equals, after taxes, etc about $400-500 a month.

    I have started working a teaching job while someone was out with her new baby. March - May, so I will make between 5K and 6K and that will be our "padding" when we need it. I also have some tutoring jobs lined up so hopefully we can start that soon. DH has looked into refereeing some little league games here in the summer and is still waiting to see if they have any openings or if maybe he can be used in a substitute capacity. I have started couponing and we are eating out less, although it is super hard when you go to work at 8 and dont get home till 5 or after to then get in the kitchen and whip up a meal (although I know I am not the only one in this situation!) I try to use the crockpot a few times a week........

    We set the thermostat up a few degrees and use fans, or down a few degrees and just put on a sweater. More careful about turning off lights or electronics when not being used. Its slow going but it will come I suppose. Thanks for all the comments!
     

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