Job Loss WWYD-Update pg 2

[needsadvice]

ugh, so I might lose my job.

I've made new alias as I was just more comfortable asking for advice in this area without any identifying info.

Obviously, I've started looking for a new job via postings and trying to hook up with a recruiter.

I'm hoping it won't be an issue, but I make better rational decisions when I've planned a bit for worst case. What would you do budget wise if you lost your income?

I've thought of so far
-Cut cable, Netflix, etc. (I'll need to keep Internet for job searching)
-Cut maid service
-No more eating out
-Freeze on all non-essential purchases

I rent so I don't have any cost cutting options there.

 

[CalDisneyMomof2]

Well if you were commuting you will be saving on commuting costs so that's a plus. Do you have children? Are they in daycare? When I stopped working we saved $600 a month in daycare.

Purchase discounted gift cards for all of your needs (food, household essentials, interview apparel etc.) The Disney Gift Card Deal thread can teach you a lot about getting Target gift cards at a low cost saving 20, 30, 40%+ at Target(if you're not already on that thread).

Let your car insurance company know that your mileage has decreased. When I stopped working I started driving about 4,000 miles less per year making my insurance go down about $25. Not much but hey, it's something.

Maybe use your free time to declutter and have a yard sale to make some extra cash.

 

[barkley]

ugh, so I might lose my job.

I've made new alias as I was just more comfortable asking for advice in this area without any identifying info.

Obviously, I've started looking for a new job via postings and trying to hook up with a recruiter.

I'm hoping it won't be an issue, but I make better rational decisions when I've planned a bit for worst case. What would you do budget wise if you lost your income?

I've thought of so far
-Cut cable, Netflix, etc. (I'll need to keep Internet for job searching)
-Cut maid service
-No more eating out
-Freeze on all non-essential purchases

I rent so I don't have any cost cutting options there.

Well if you were commuting you will be saving on commuting costs so that's a plus. Do you have children? Are they in daycare? When I stopped working we saved $600 a month in daycare.

Purchase discounted gift cards for all of your needs (food, household essentials, interview apparel etc.) The Disney Gift Card Deal thread can teach you a lot about getting Target gift cards at a low cost saving 20, 30, 40%+ at Target(if you're not already on that thread).

Let your car insurance company know that your mileage has decreased. When I stopped working I started driving about 4,000 miles less per year making my insurance go down about $25. Not much but hey, it's something.

Maybe use your free time to declutter and have a yard sale to make some extra cash.

all of this and-

figure out if you will still have any income coming in (eligible to severance pay/uib?)-figure out what your income if any will be. if not income-if you have any savings figure out how long it will last with just the essentials (and while you're still employed-PUT EVERY PENNY TOWARDS SAVING).

in addition to the car insurance reduction (we take advantage of this)-

review cell phone plan to just minimum needs, if you won't get hit with a contract penalty consider reducing plan now

cable, Netflix....cut all services that won't entail a penalty that doesn't create it costing more to cancel

unless something is an absolute necessity-don't spend money on it. routine maintenance/minor repair on a car that keeps a big repair from occurring is cost effective, fixing minor cosmetic damage you've been meaning to do-not so much (unless you have to sell it and you know for a fact it will bring in more than it costs)

no eating out, meal plan and watch the ads to plan grocery purchases. pack lunches, take your own coffee vs. starbucks.....



one thing to REALY take into consideration when figuring out a job loss budget-cost of health insurance. cobra is insanely expensive for most people and can eat a huge portion of even full unemployment benefits.

 

[Tigerlulu]

Don't discount unemployment also. It may not be much but it does help.

Just get that job search going! That's your new job--finding a job.

We've gone through layoffs--it's scary but there definitely is life after it.

We owned our home and our lender let us defer a payment. We would've deferred more but we found we didn't need to.

It helps if you are willing to relocate. We basically are open to moving anywhere. So we ended up with several options to choose from. Good luck!

 

[Ensusieasm]

ugh, so I might lose my job.

I've made new alias as I was just more comfortable asking for advice in this area without any identifying info.

Obviously, I've started looking for a new job via postings and trying to hook up with a recruiter.

I'm hoping it won't be an issue, but I make better rational decisions when I've planned a bit for worst case. What would you do budget wise if you lost your income?

I've thought of so far
-Cut cable, Netflix, etc. (I'll need to keep Internet for job searching)
-Cut maid service
-No more eating out
-Freeze on all non-essential purchases

I rent so I don't have any cost cutting options there.

I'm sorry to hear that you might lose your job. I'm encouraged by the word "might", though, because that also means that you might not lose your job. Since it hasn't happened yet, and might not happen, maybe this is the time to start cutting expenses and saving as much as you can in a rainy day fund starting right now. A goal could be to save up 6 months of expenses. That way, anytime you think you might lose you job now or in the future, you would be prepared and not as stressed. I'm wishing you luck. Live long and prosper!

 

[scrhsa]

My husband just got a job yesterday after being laid off since December. Not our first rodeo either. This is the third time in 8 yrs. You are on the right track. The things that cost the most you can't cut, phone and internet We just stopped buying name brand stuff and cut out all extra spending. We went without pre-packaged snacks etc. Ate alot of hamburger meat, chicken legs/thighs, beans and noodles. One of the times my girls went without school year books. And here recently my youngest wasn't able to try out for school mascot because of the cost(if she made it of course). A couple of times we had to let some bill places know that we weren't able to pay and they cut our bill down a bit for a couple of months. I think directtv offered to suspend payment a couple of months so they wouldn't loose us as a costumer. If it wasn't for our military retirement and unemployment we would have been sunk! We have been on spring break and it has been hard not getting to go anywhere. I've even had to cancel a trip to a friends house because of the cost of gas. It feels unfair for my girls (teens) but they are troopers and understand!!! Good luck with your job search!!!

 

[verleniahall]

Have you thought about joining the military?

 

[NewRVLady]

one thing to REALY take into consideration when figuring out a job loss budget-cost of health insurance. cobra is insanely expensive for most people and can eat a huge portion of even full unemployment benefits.

mine wasn't-about $250 a month-depends on your Insurance coverage at your job, I guess

 

[TwoMisfits]

ugh, so I might lose my job.

I've made new alias as I was just more comfortable asking for advice in this area without any identifying info.

Obviously, I've started looking for a new job via postings and trying to hook up with a recruiter.

I'm hoping it won't be an issue, but I make better rational decisions when I've planned a bit for worst case. What would you do budget wise if you lost your income?

I've thought of so far
-Cut cable, Netflix, etc. (I'll need to keep Internet for job searching)
-Cut maid service
-No more eating out
-Freeze on all non-essential purchases

I rent so I don't have any cost cutting options there.

If your job is unstable, even if you don't lose it, I'd probably cut out the maid service and the eating out and the non-essential purchases now and funnel that extra money to more emergency savings. That way, you have extra buffer if the job loss comes to pass...

Other things I would cut...
- Hotels/vacation/cruise plans - I don't know if you have any, but without a job, the best (and only) vacations become the "free" ones (weekends at a free beach, eating from food you bring and walking a free boardwalk and staying at a hotel with free points - only costs the price of gas)...
- Beautification services - if you pay a lot to get your hair done, get your nails/toes down, getting high end makeup, etc...this is extra to cut.

And I'd cut cable and all outside entertainment (eating out, movie tickets, concerts, show tickets, sports events, bars, etc), but I'd probably keep a Netflix-type service (just one) or Amazon prime. Very low priced available entertainment will keep you from going nuts and feeling highly without...I'd choose Amazon Prime as the one to keep (if you already have it) since it gives you tv, music, and book entertainment for the low price...

 

[disneychrista]

mine wasn't-about $250 a month-depends on your Insurance coverage at your job, I guess

WOW! that is cheap. I just did COBRA paperwork for a 30-something and it was nearly $500/month.

 

[teller80]

My husband just got a job yesterday after being laid off since December... One of the times my girls went without school year books. And here recently my youngest wasn't able to try out for school mascot because of the cost(if she made it of course).

Wait, your daughter went without school books?? I understand not trying out for the school mascot, but how did your child go without books?

 

[SirDuff]

Wait, your daughter went without school books?? I understand not trying out for the school mascot, but how did your child go without books?

She said school YEAR books. I assumed that she meant the "memory" books that you can buy at the end of the year (nice, but definitely not essential).

 

[teller80]

She said school YEAR books. I assumed that she meant the "memory" books that you can buy at the end of the year (nice, but definitely not essential).

Ah. Sorry, I misread it. My kids only got year books their senior year because of cost too. They're expensive.

 

[scrhsa]

Wait, your daughter went without school books?? I understand not trying out for the school mascot, but how did your child go without books?

LOl.I can understand you shock Year books School books were fine we just weren't able to put out nearly 200 dollars for two year books. Like I said, they are troopers and they understood

 

[JessM]

I don't have a ton of budget tips but I wanted to advise you to make sure you have a LinkedIn profile (and it's UPDATED!). My BF gets a ton of messages from recruiters via LinkedIn because he is active and pays attention to his LinkedIn account. Don't discount the connections you could make on there.

One budget tip I do have is start making more food from scratch. Freeze any extras in single meal portions so it doesn't go to waste. I started cooking from scratch to be healthier and I'm amazed at how much money I have saved. If you are out of work use some of the time to try some new recipes and stock up your freezer with homemade meals. You'll be so happy you did when you land that next AWESOME job and go back to work. I make soups, chilis (freeze proof jelly jars are amazing for these!), quesadillas, meat sauce, taco filling, muffins, pancakes, burritos, pesto, cooked shredded chicken, chicken stock, etc.

Good luck!!

 

[Disneefun]

Even though you rent, I assume you pay your own utilities? Get ninja crazy about cutting electricity and water usage to bring those bills down. Raise/lower the thermostat, do fewer loads of laundry/dishes, shorten the showers, turn off the lights, unplug thing that aren't in use.

 

[Jen and Ashwin]

I agree with many that you should start cutting back now and funneling extra income into an emergency fund. If you don't loose your job, then you have done something positive for your future by beefing it up. And if you do loose your job, then you have helped extend the amount of time you can weather a job search.

 

[MinnieForMe]

My husband was laid off last week and I kid you not -Cobra is $2500 a month for our Cigna HMO family plan. How can anyone afford that price? We are looking into other alternatives as we can't be without health coverage.

Thankfully, our freezer is stocked so I plan on eating out of it for a few weeks to save that money at least. We already live without cable, and have a cheap cell plan. I just consigned some of the kids clothes and will sell other stuff on Craigslist. Every little bit helps!

 

[needsadvice]

Thanks for the advice everyone. I am really hoping that none of this will come to pass, but better to prep a bit.

The insurance was one thing that totally slipped my mind because I never think about it. According to cobra it's the full cost of your plan plus 2% so that would be about $600/month for me.

I cook from scratch as it is, but I could definitely be more diligent on shopping sales.

 

[aprilchem]

Second the updating your LinkedIn. My BIL lost his job recently and nearly every job he's been interviewed for has come about through LinkedIn. Make sure your profile is professional, you have a good headshot, and that you change your status to "Actively seeking employment" as soon as you get fired.