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Old 01-10-2009, 10:15 PM
 
Location: Some place very cold
5,500 posts, read 20,494,490 times
Reputation: 4234

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What would you do if you suddenly found yourself out of work?

How would you pay your mortgage or rent?

How would you buy food?

What are your prospects for finding a new job?

Would you pack up and move to a new area?

I know these are awful things to think about, but I have a feeling I'll see a few friends at least end up in this situation soon. Most of them don't have any savings, just debt. I can't help but wonder what they'll do.

Wx3
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Old 01-10-2009, 10:16 PM
 
Location: southern california
57,838 posts, read 76,820,345 times
Reputation: 51185
get a peddlers license and get a coffee stand on wheels.
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Old 01-10-2009, 10:31 PM
 
Location: In a delirium
2,588 posts, read 5,014,933 times
Reputation: 1379
We've discussed this even though we've no fears of it happening.

1. We'd sell one of the cars and downgrade the other.
2. We'd cut back on heating/cooling the house.
3. We have reserves to pay the mortgage for at least 4 months.
4. I would immediately begin looking for a job. I'm a SAHM now.
5. I already do a killer job of using coupons and sales, so we could live off our stockpile for some time.
6. Cable and all other "perks" would go.
7. The water usage would go down - the lawn can go brown if need be.
8. We have an emergency fund stashed away that we could get to if it gets really tough.
9. The dog can learn to eat cheaper food or our food if it's less expensive to cook for him.
10. Worst case scenario: sell the house (ha ha in this economy and state) and rent. Really, it would mean walking away, filing bankruptcy and renting.
11. Begging for some parental help is really the last straw.

Happily, my husband's prospects for finding another job would be great. He has made loads of contacts over the years and is widely respected in his field. Mine wouldn't be as great, but I'd deliver papers and pizzas, and flip burgers if that's what was required to provide a roof and food for my children. Whatever it takes.
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Old 01-10-2009, 10:57 PM
 
Location: Beautiful Lakes & Mountains of East TN
3,454 posts, read 6,716,663 times
Reputation: 874
We're already half there. Hubby got laid off in October and is now just being scheduled for his first actual interview since then.

My company is doing so-so. It's a british co. so we're suffering from the downturns in both economies. Layoffs have taken place and they tell us more are coming.

In answer, we have two options. We have a little lot down south that we bought a couple years ago. We could buy a used mobile home, sock in a septic system and be done with it for about $15,000 cash. Or second, we could move in with my parents. (Or shoot ourselves. Can't decide between those two).
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Old 01-11-2009, 07:14 AM
 
4,182 posts, read 5,911,182 times
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Losing your job tomorrow is no different from retiring tomorrow. The effects on your finances are the same. So if you have been preparing for retirement this whole time, you are at least (theoretically anyway) mentally prepared to deal with unemployment.
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Old 01-11-2009, 07:19 AM
 
3,628 posts, read 9,359,849 times
Reputation: 2018
drink the night away, get up the next day and look for something else.


i have two jobs, and one of them i'm pretty sure i'll have until my boss decides to go out of business because i do SOOOOO much there. she doesn't even know how to do most of the stuff that i am doing there! the other one has cut my hours to the bone so this week i'm going out to look for something else (which should be really fun in the midst of winter ). i was just barely making it with the second job giving me adequate hours.

i have $97 in credit card debt and a little bit of savings that would get me through for a month, but i really hate the idea of having to borrow from my savings.
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Old 01-11-2009, 07:35 AM
 
Location: Moon Over Palmettos
5,975 posts, read 17,959,861 times
Reputation: 5035
Quote:
Originally Posted by Woof Woof Woof! View Post
What would you do if you suddenly found yourself out of work?
Help my husband with the business.

How would you pay your mortgage or rent?
Part from unemployment, no matter how meager it is, and we have funds outside of the 401K and stocks.

How would you buy food?
Less filet mignon and lobster, that's for sure. Even more now of chicken and pork, veggies, less fish and seafood.

What are your prospects for finding a new job?
If I'm not too picky, I don't think it's too bad. Have to weigh my "earnings" contributing to the business vs working for someone else.

Would you pack up and move to a new area?
No. That would impact my hubby's business and the kids' schooling. We already moved down south from the northeast 2 years ago and am not ready for another move just yet.

I know these are awful things to think about, but I have a feeling I'll see a few friends at least end up in this situation soon. Most of them don't have any savings, just debt. I can't help but wonder what they'll do.

Wx3
~bibit~
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Old 01-11-2009, 09:10 AM
 
Location: southwestern PA
20,419 posts, read 39,134,479 times
Reputation: 39163
What would you do if you suddenly found yourself out of work?
Well, I am a SAHM, so that won't happen!
If DH lost his job, no worries. There are plenty out there in his field.


How would you pay your mortgage or rent?
We own our house.

How would you buy food?
We have a 12 month emergency fund, along with other savings/stocks/etc.

What are your prospects for finding a new job?
Me - not applicable
DH - excellent


Would you pack up and move to a new area?
Nope - we love it here!
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Old 01-11-2009, 09:26 AM
 
Location: Houston, TX
17,031 posts, read 27,547,172 times
Reputation: 16212
Tricky part is location. There are not a lot of alternate employers where I live so I would prepare for a move. Fortunately I have 4-6 months of expenses in the rainy day fund. I guess I would be sending out resumes and would be willing to work where I could get it.
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Old 01-11-2009, 09:31 AM
 
18,328 posts, read 16,283,406 times
Reputation: 7096
Quote:
Originally Posted by Woof Woof Woof! View Post
What would you do if you suddenly found yourself out of work?

How would you pay your mortgage or rent?

How would you buy food?

What are your prospects for finding a new job?

Would you pack up and move to a new area?

I know these are awful things to think about, but I have a feeling I'll see a few friends at least end up in this situation soon. Most of them don't have any savings, just debt. I can't help but wonder what they'll do.

Wx3
I Wx3,

I think if people were for one to start sharing their living arrangements that would help. Those friends should become roommates. It makes sharing a commute easy as well Also find a southern exposure and do some container gardening. Parsley, chervil and onions do well in low light and I have them growing unassisted in a zone 5 January window. On a southern exposed porch you can significantly supplement your diet during the growing season. This can offset the effects of cheaper processed foods.
Always buy whole chickens. Learn how to make them boneless. If I bone the whole chicken I have enough for 4 quarts of stock. It will be useful for some liver dumplings from the same chickens. The stock will also go nicely with rice and beans seasoned with that parsley and perhaps leaf celery, onions and red robbin(good container low light tomatoes) in those southern windows.

Also find inter modal transportation. I walk or use human powered vehicles to the train, in the winter I walk. Try police auctions for a cheap bike.
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