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Preparing to be laid off..........

rhbgirl24

rhbgirl24

Ideal_Rock
Joined
Feb 6, 2009
Messages
2,181
So I work for a company that is government contracted. Long story short, we thought we had the new contract; we don''t.

They just let us know come July 31st, none of us will have a job.
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Great - DH and I just bought our first home.

Now, we have some savings, most of our credit card debt was paid off before buying the house. We have 1 car loan. Student loans. We obviously have a mortgage - one that could be paid with us both working. Now I wont be.

Granted I will get unemployment, but I''m not sure that is going to be enough and I''m not a good one for being idle and not contributing. We have some in savings and I''m vehemently saving now. I already have out applications, but in the economy a decent paying job is hard to come by.

I guess I''m half venting and half asking for advice to prepare..... and maybe some dust.
 
RHB -- I have no advice, just hugs and dust.

You will get through this!

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I''m sorry you''re going through this! I went through something similar months ago and am finally in a good position to find a job. Seems like everyone was on a hiring freeze until the last month or so, so I think things are picking up (at least in my industry).

Unemployment is half of your salary, in my experience. It actually came out as more for me because it included the 13% I had been putting into a 401(k). We didn''t have a mortgage, but we did have a significant rent payment, student loans, and a car payment and we made it work. I really hope you guys are able to make it work for a while until you find something! Depending on how much you made before, it may not be worth it to get a part time minimum wage job, because that will just reduce the money you make in unemployment.
 
Major hugs to you. I was in a similar situation not too long ago (DH was laid off). You WILL make it through this. It sounds like you are already doing everything you can. Unemployment is more substantial than you might think, and it really does help. Get your resume out there (sounds like you already are). Life has a way of sorting itself out. HUGS and DUST!!! heading your way.

Ditto elrohwen on making sure that a part time job would be more beneficial than just unemployment. Hang in there!

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Sorry to hear this news.

My suggestions would be to start looking sooner, rather than later, for new employment (it sounds like you already are). Even if it is only casual or part-time, as long as it allows you to keep getting some unemployment to boost it, I would look into it. I mean, definitely look at how it might impact unemployment benefits, but those sorts of positions can turn into something more regular and full-time so you have to try and look at it that way too. I know here they have tightened up on unemployment benefits in last few years so if you are not shown to be looking for, or attempting, to work (even part-time which may reduce benefits a bit), they may cut off all benefits. Unemployment varies from region to region, but, with some creative budgeting and planning you should be able to manage the mortgage and other bills for a period of time. DH and I lived on just my modest income for over a year, and also had a fairly high rent, lots of student loans, car payments, bills and so on. You can do it!

Good luck, and lots of job dust your way!
 
I''m sorry - that''s not good
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Lots of dust coming your way ~~~~~~~~
 
be careful re working at a low paying job combined with unemployment. look into your state laws. you could end up getting a lower unemployment benefit.

good luck.

mz
 
Date: 6/7/2010 10:43:33 AM
Author: RaiKai
Sorry to hear this news.


My suggestions would be to start looking sooner, rather than later, for new employment (it sounds like you already are). Even if it is only casual or part-time, as long as it allows you to keep getting some unemployment to boost it, I would look into it. I mean, definitely look at how it might impact unemployment benefits, but those sorts of positions can turn into something more regular and full-time so you have to try and look at it that way too. I know here they have tightened up on unemployment benefits in last few years so if you are not shown to be looking for, or attempting, to work (even part-time which may reduce benefits a bit), they may cut off all benefits. Unemployment varies from region to region, but, with some creative budgeting and planning you should be able to manage the mortgage and other bills for a period of time. DH and I lived on just my modest income for over a year, and also had a fairly high rent, lots of student loans, car payments, bills and so on. You can do it!


Good luck, and lots of job dust your way!
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Not sure where rhb is, but in the states they have loosened up on unemployment. It varies by state, but generally you just need to say you're looking for work - no proof really required. I had to go to one workshop about using the resources at the unemployment office, that was it (and I got robbed while there, so they let me leave early
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). Also, standard unemployment is 26 weeks, but it has been extended in most states by an additional 10-20 weeks if needed. CT's has been extended by 20 weeks because of our unemployment level, and we're not nearly as bad off as other states.

In CT, any money I make takes away from my unemployment, so it really wasn't worth it to find a job unless it made more than I was making on unemployment. And working as a receptionist or something couldn't result in a permanent position for me, with what I do, so chose not to seek out those types of positions until necessary. Of course, the rules for unemployment vary a little by state, so it might be worth it to seek out extra income if it actually ends up being "extra" and not just subtractive.

You are also not required to take jobs that don't fit the income level and experience that you already had. So someone who made $100k before would not be required to take a $50k out of their field if they wanted to just stay on unemployment, for example.
 
I''m sorry. Sending much dust your way.

I''ve been laid off twice. It sounds like you have your resume in order, which is good. Make sure it''s up on all the online search engines, like Monster.com, and that your LinkedIn profile is updated too. Many recruiters troll online for candidates now.

The other thing to do is to sit down and figure out your expenses right now, so you can see where your money goes and then figure out where you can cut in order to live off one income plus unemployment.

Network, network, network. I''ve heard this many times and it''s true. You have no idea where your next job might be coming from, so let everyone know you''re looking. A solidly mid-level executive colleague of mine actually once found a job by striking up a conversation with someone while standing in line at Starbucks, so don''t be shy about letting anyone know you''re looking.

And my last piece of advice, which I know sounds really stupid right now, but comes from my experiences---work hard at looking for a job, but don''t waste your free time by worrying. One of my biggest regrets, looking back, is how I was so anxious to find another job that I couldn''t enjoy any leisure time I had. It''s fruitless to worry, as long as you know you''re working as hard as you can job hunting, so take care of your mental health and use your "in between jobs" time to get some clarity and some need downtime. I have no doubt you''ll be back to the grind sooner than you think!
 
rhb, you''ve already gotten good advice, I just wanted to send you dust and tell you I''m sorry!
 
I''m sorry, RHB
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Others have given good advice, so I''ll just send you a big ::HUG::
 
I''m sorry to hear this RHB. You''ve gotten such good advice.

I just wanted to throw in re student loans - If you call them up a lot of times they will let you defer payments during your unemployment or decrease payments so that they are more manageable on the funds you have.

Lots of luck and DUST!
 

My sympathies. Been there done that. I know how stressful working on a government contract can be, believe me.


I was fortunate though, times were different, I saw it coming, had a paid off car, had rather a lot of cash on hand, and used that money and the time to get some additional training - and as it turned out I needed that time off because my mother developed a fatal illness during that time too. I was also single at the time, so I know how scary an extended period of unemployment can be. I hope your unemployment is good. Mine was tolerable, but it certainly wasn''t half of what I made. I have NO idea where that place exists, but if it does, I may move there!


When I finally found work, it was a job I didn''t really want, but I needed it so I took it. Luckily I found a much better job about a year later. And I''m OLD. So, you''re going to do just fine.


I''ll be thinking of you and wishing you a good outcome. And as others have mentioned, please take time to enjoy the time off a bit. Seriously. It was a surreal time for me - I was alone, watching my money like a hawk, sometimes scared, and going to school and taking care of my mom, but it was also a very good experience. Hard to describe. There are times (more often as I get older) that I wish I could do it again - take that break.

 
Date: 6/7/2010 11:59:26 AM
Author: ksinger


I was fortunate though, times were different, I saw it coming, had a paid off car, had rather a lot of cash on hand, and used that money and the time to get some additional training - and as it turned out I needed that time off because my mother developed a fatal illness during that time too. I was also single at the time, so I know how scary an extended period of unemployment can be. I hope your unemployment is good. Mine was tolerable, but it certainly wasn''t half of what I made. I have NO idea where that place exists, but if it does, I may move there!

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Come to CT! Unemployment benefits are good here. I think NY is the same, but I don''t have experience with any other states.
 
Sorry to hear about your job situation! But I want to encourage you to start sending out resumes NOW and interviewing NOW, even before your contract ends. Both my brother and his wife were laid off in the beginning of the year, but through their proactive job searches (inclduing calling a bunch of recruiters), they did not even suffer a time lag. When one job ended, they started another one within a week. Lots of job dust coming your way.
 
RHB
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Date: 6/7/2010 11:51:20 AM
Author: lucyandroger
I''m sorry to hear this RHB. You''ve gotten such good advice.


I just wanted to throw in re student loans - If you call them up a lot of times they will let you defer payments during your unemployment or decrease payments so that they are more manageable on the funds you have.


Lots of luck and DUST!
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So sorry to hear you are being laid off. I hope you find a new job soon.

I agree that you should inquire about flexibility regarding the student loans as mentioned above. Note, though, that during deferment, interest capitalizes (becomes part of the principal) so you end of paying interest on interest. Deferment is a good option, but terminate it as soon as you are financially able to.

You also may want to consider doing volunteer work while you''re unemployed. It is something to talk to potential employers about during interviews, and also keeps you productive since you don''t like to be idle. Plus, volunteering creates more opportunities for networking.
 
Sending lots of dust your way
 
So sorry to hear this RHB, sending lots of dust your way.
 
Thanks everyone! Makes me feel better.

Its hard with this position, because it could be July, it could be November..... urg. Its so uncertain.

Thank you all for your dust and well wishes and advice! I will look into all that everyone said. I know our unemployment for this state (NJ) is really good right now, something like 99 weeks total at about 50% of pay. So I know not to take a job that would be less than unemployment. I just dont like not being employed, you know??

My resume is strange... lol. I have a degree in Marine science and a degree in Psychology. However I have worked in the real estate field for the past 8 years (and all through getting these 2 degrees). So my initial job search has been all over the place!

Thanks again everyone! I appreciate it.
 
I''m sorry to hear your bad news. I know how awful that can be-DH was let go about two years ago. Just start looking for something new asap.
 
I''m wishing you much good luck with your job hunt. I hope it doesnt take long.
 
http://lwd.dol.state.nj.us/labor/ui/ui_index.html

That site should answer lots of questions. Some states let you work part time & earn up to 25% of your unemployment compensation, and they won't dock your unemployment any. I guess they figure part time has a good chance of leading to full time later. Other states won't let you earn more than $50 per week.

If your unemployment is 50% of your full time pay rate, then that surprises me. The 2 states I collected from were capped at $366 and $475 per week, nowhere near what I'd been earning!

Your mortgage holder might be willing to reduce your payment. They don't want your house back, unless you happen to have loads of actual equity in it and it can be rapidly resold. Most lenders would rather negotiate than have to take back the house.
 
Oh wow, I am so sorry to hear this. It sounds like you have many talents though and hopefully, that will help you find something good quickly.

Government contracting is tough. I''ve been through the same thing twice in 3 years. Scary times so please know that I''ll be wishing the best for you.

Treefrog
 
Date: 6/7/2010 3:05:18 PM
Author: HVVS
http://lwd.dol.state.nj.us/labor/ui/ui_index.html


That site should answer lots of questions. Some states let you work part time & earn up to 25% of your unemployment compensation, and they won''t dock your unemployment any. I guess they figure part time has a good chance of leading to full time later. Other states won''t let you earn more than $50 per week.


If your unemployment is 50% of your full time pay rate, then that surprises me. The 2 states I collected from were capped at $366 and $475 per week, nowhere near what I''d been earning!


Your mortgage holder might be willing to reduce your payment. They don''t want your house back, unless you happen to have loads of actual equity in it and it can be rapidly resold. Most lenders would rather negotiate than have to take back the house.
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You are correct. I looked through there and it would be approx 40% of salary and then minus taxes. Yikes! Still better than nothing, I guess.
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Thank you for the info!

I have no intention of letting the mortgage slip or lowering the amount, even though its good to know just in case. However other spending will be nix. No more jewelry for me any time soon. Oh well tis life!
 
Date: 6/7/2010 3:18:48 PM
Author: rhbgirl24
Date: 6/7/2010 3:05:18 PM

Author: HVVS

http://lwd.dol.state.nj.us/labor/ui/ui_index.html



That site should answer lots of questions. Some states let you work part time & earn up to 25% of your unemployment compensation, and they won't dock your unemployment any. I guess they figure part time has a good chance of leading to full time later. Other states won't let you earn more than $50 per week.



If your unemployment is 50% of your full time pay rate, then that surprises me. The 2 states I collected from were capped at $366 and $475 per week, nowhere near what I'd been earning!



Your mortgage holder might be willing to reduce your payment. They don't want your house back, unless you happen to have loads of actual equity in it and it can be rapidly resold. Most lenders would rather negotiate than have to take back the house.
Click to expand...


You are correct. I looked through there and it would be approx 40% of salary and then minus taxes. Yikes! Still better than nothing, I guess.
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Thank you for the info!


I have no intention of letting the mortgage slip or lowering the amount, even though its good to know just in case. However other spending will be nix. No more jewelry for me any time soon. Oh well tis life!
Click to expand...


I'm confused - according to the site, you should get 60% of your pay, up to $600 a week - that cap is pretty much the same as that for CT, except that ours is calculated by 50% of previous pay. Still, $600 a week is quite a bit.

Also, you don't have to pay taxes on the first few weeks of unemployment (maybe first 10? I don't remember) so you you'll get that tax money back in your return. Also, the taxes removed from my check every week are not that high - it's only about 12.5%.
 
I''m sorry you''re going through this! My husband was laid off for 6 months before he found something. He was able to collect unemployment benefits and although it does make it harder financially (for us, anyway), we were okay. I''d suggest just cutting back (and saving) what you can now.

Also, one thing I''d recommend (which my husband didn''t do at first) is to try to network and get in touch with former colleagues/bosses who may be able to help. They may be able to spread the word that you''re available. I''m not sure what field you''re in or if that would help, but it might. If letters of recommendation could help you, maybe you could begin asking people you work with/for if they could write a letter on your behalf. This isn''t something that''s typically done in my husband''s field so he didn''t do this. It''s needed in my field though, so I always make sure to ask colleagues for a letter.

Good luck!
 
I actually was really surprised at how lax the unemployment office was. My husband could do it all online and there was no need to stand in long lines each week anymore. He logged on, answered 3 questions ("Were you available to work?" was one but I can''t remember the other 2), and then they cut him another check. I kept thinking there had to be more to it than that but it was so simple. I know that he needed to be prepared to show proof that he had been looking for employment but no one ever asked him to.
 
> and lots of dust my dear... Be strong...
 
I am sorry. I am sending you and your DH, love and luck for the future.
 
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