What did you do when you faced a job loss?

[Disneybuckeye]

I found out two years ago that my wages were being cut by 10% and I was being reduced to half hours with 3 days notice. Yes, it was scary. I was able to find a new job within 3 months by networking. Contact everyone you know and let them know what is happening. Having a connection can give you a leg up over the other multitudes of applicants. Good luck!

 

[jessicaerv]

OP, I sympathize. My DH found out in July 2010 that he would be out of a job at the end of the year, so we had about the same amount of warning you do. We brushed up his resume, he began networking like crazy, and he is evaluating what he wants to do when he grows up.

You may want to look into refinancing your mortgage to a lower interest rate in order to save on your monthly expense. You should do that now while he is still employed. We did -- went from a 5.25% to a 4.375% on a 30 year mortgage and dropped $300 from our monthly payment. As soon as my DH is working again we plan on increasing our payments to the amount we had been paying under the old mortgage to reduce the number of years.

His unemployment checks are not large, but they are enough to pay for the new, lower mortgage and several utilities.

At this point he is staying home with our 15 month old DD and is having the time of his life.

and

 

[StitchBuddy]

OP I am so sorry to hear about your situation. Everyone has given you great advice. Good luck!!