What to do financially after job loss

[somethingshiny]

DH is losing his job tonight. We did have some forewarning, so I guess we can''t complain too much. We just bought our house in Oct but carry no other debt. We''ve been saving for a small kitchen upgrade, a new TV, and a few other things including taking our little boy to his first day at the water park. We will still have our insurance until the end of the year if we want. The money we''ve saved combined with unemployment will allow us to continue our current budgeted lifestyle for approximately 6 months.

So, what do you suggest?

 

[Dreamgirl]

Sorry to hear about his job loss...

I get wanting all those nice things, a new kitchen....nice tv....but that starts to add up. And because you have bills and a family to feed, I would save as much as possible. Buy only what you need and not just what you want. The luxuries of life will have to wait. Sad, but so true

(I've been in the same position before with the exception of having bills to pay.) I saved everything possible because I didn't know when I would get another job and needed to save money for necessities and for the future...

ETA- I actually am still saving most everything I am making now because after getting laid off at the previous job, I've become paranoid about "What if I lose this job too!!??"

I will keep my fingers crossed that he gets another job very very soon!!!

 

[somethingshiny]

OF course, there''s always "SPEND THAT MONEY! DON''T YOU KNOW THE END OF THE WORLD IS COMING?"


That would be what DH (also known as Mr. Frivolous Spender) would say.

 

[somethingshiny]

DG~ Oh, I''m not doing the kitchen or any big stuff now. That would eat up all the money. I was trying to figure out if we should spend ANY money if it''s not for the necessities (ie: the water park, an occasional movie, etc) I just mentioned the kitchen as to WHY we had the money saved initially.

 

[Aloros]

I''d take the little one out to the water park (not a lot of $$, and you''re only that age once!) but save the rest, just in case. The kitchen upgrade and TV can wait until your DH secures another job.

 

[tlh]

I am soo sorry to hear that!
***DUST*** that he will find work with something else.

I voted to save the money... I didn''t like the last half of the message... way too negative for me! I am a saver, and I just think that there will be opportunities in the future to redo the kitchen....but the first day at the water park... those are precious memories, that I don''t think you should sacrifice.

 

[Dreamgirl]

OOOOOOH ok...well I have a little suggestion. This is something my boyfriend and I do now. Don't go to the movies unless its something you REALLY need to see in the theatre. And so guess what we do? We get even the most recently released movies from the Library (free!!!) by searching the Library's website for what we want (not crappy movies, they have EVERYTHING) and getting on a waiting list to see the movie. It's totally free! All you have to do is wait sometimes..

You've still got to give your little one a happy childhood so I'd take him to the water park from time to time, or something else that makes life fun for him that doesn't cost 'too-too' much!

 

[elrohwen]

I'm sorry to hear about your husband's job

I would say to put off the kitchen and tv stuff, but don't cut everything out of your life! You should definitely still hit up the water park

And I'm sure a movie once in a while won't put you over the edge.

It sounds like you have things well planned out and if you just put off big purchases until he has a job again it seems like you'll be fine.

 

[tlh]

Dreamgirl... that is a good idea!

 

[monarch64]

Somethingshiny, I''m SO very sorry to hear this news. I''ve been there, dear. Even if you have 6 months'' savings built up I would still recommend that you save as much as possible. It can take MUCH longer than 6 months (or 4 months of collecting unemployment) to find another job and start getting paid again. It is great that you are set financially at the moment, though, and you don''t have to worry about losing anything right off the bat. Just be careful and frugal, sure you can have fun once in a while but don''t go all out, and you''ll be fine. Best of luck to you, and to your husband in his job search. I will be thinking of you and thinking positive thoughts for you.

 

[Lulie]

I''m very sorry to hear this

I''m not sure how old your little guy is, but if he doesn''t know anything about the w/park I prob won''t even bring it up and stay away from it as the Ktichen/TV for now, even though you seemed prepared [great!] it''s taking longer for people to find jobs lately.
Best Of Luck!

 

[tlh]

You know what is FUN and FREE, somethingshiny???

Yup.

And you can turn off the lights and save electricity!

 

[steph72276]

I''m sorry about your DH''s job loss. I haven''t read all the responses yet, so forgive me if I repeat, but I would be saving every penny I had! There are soooo many people out there that have lost their job that it may take 6 months for him to get an equivalent job (I sure hope not though!). I would cut out extras (dining out, cable, etc) until he has another job and I wouldn''t be doing any upgrading on the house either. Hope he finds a job soon, sweetie...good luck and just stay positive and give him lots of hugs, I''m sure he is feeling pretty down right now.

 

[purrfectpear]

Hindsight is 20/20, but you already messed up. You said you thought you had 6 months covered including unemployment.

You should have had a minimum of 6 month exclusive of unemployment and 12 months would have been a heck of a lot better. Do without, save the money and sleep better at night. Nothing (save catastrophic illness) is more stressful than worrying about making your bills.

It''s time to eliminate every extra you can, and hold on. Sorry to be the pessimist but I know several people who have been unable to find employment within 6 months. We''re a long way from the bottom of this mess.

 

[steph72276]

Date: 1/30/2009 3:53:31 PM
Author: tlh
You know what is FUN and FREE, somethingshiny???

Yup.


And you can turn off the lights and save electricity!

Haha, very true!

 

[chrono]

I''m very sorry to hear about your spouse''s job loss. I''ve also heard that many people are unable to find jobs after 1 year! I would continue to save and not do anything drastic like that new kitchen and TV. A waterpark is probably all right. Again, I''m so sorry.

 

[Italiahaircolor]

Oh Something...I am very sorry to hear about your husbands job. I have no good advice when it comes to money, but I would say budget and set aside what you **need to live** first, and then if there is money left over, spend conservatively.

 

[Dreamgirl]

Date: 1/30/2009 3:40:49 PM
Author: tlh
Dreamgirl... that is a good idea!

It REALLY is!!!! We''ve seen so many movies now its unbelievable. And I''ve got a membership to Hollywood Video. We haven''t been there in over a year since we''ve been getitng everything free from the Library. Now, I know when you go to your local Library, there isn''t anything but horrible 80''s movies on the shelf. My boyfriend is AMAZING to go online and search through their database and request whatever we want to see and then the either pull it, or get it from another Library and hold it for him until he goes and gets it.
It''s rather amazing...

and as I said......FREE!!!!!!!!!

 

[julesbeth]

I am sorry to hear about your husband! My husband also lost his job in December - and the money in the savings is going to stay there and grow MUCH more slowly... we are living off my salary and what he gets from unemployment. I just don''t know how long this economic climate is going to last - so I guess if you can be frugal for a bit, try to do so.

My fingers will be crossed for you and your family

 

[AmberGretchen]

I''m sorry to hear about this SS - I''d try to save as much as possible, since there is so much uncertainty about the economy right now.

 

[movie zombie]

no brainer: save.

movie zombie

 

[VRBeauty]

Save, save, save! Unfortunately, in this economy there's no guarantee that DH will be able to find a new position within 6 months.

Date: 1/30/2009 3:25:42 PM
Author: Dreamgirl
OOOOOOH ok...well I have a little suggestion. This is something my boyfriend and I do now. Don't go to the movies unless its something you REALLY need to see in the theatre. And so guess what we do? We get even the most recently released movies from the Library (free!!!) by searching the Library's website for what we want (not crappy movies, they have EVERYTHING) and getting on a waiting list to see the movie. It's totally free! All you have to do is wait sometimes..

You've still got to give your little one a happy childhood so I'd take him to the water park from time to time, or something else that makes life fun for him that doesn't cost 'too-too' much!

And what's more, you won't have to pay exhorbitant theater prices for popcorn and soda! (Plus, kids love making popcorn on the stove!)

I have a particular fondness for "junking" so if I were in your shoes I'd be lookin for board games, puzzles etc. at yard sales as another way to save on entertainment.

ETA I am very sorry about the loss of your DH's job. These are tough times, for sure.

 

[diamondseeker2006]

I am so sorry, too. This is a terrible time to have to look for a job. We have two close friends who have been without jobs for more than a year, and they have probably sent out hundreds of resumes.

So do save every penny you can. Little kids just enjoy simple but fun things! Buy a sprinkler this summer and let him play in the yard! Take him to the park. Go on walks. Have picnic! Truly, kids don''t need fancy entertainment. They just love playing and spending time with their parents!

 

[somethingshiny]

Thanks for all the dust and good wishes. They are appreciated!!

on a side note~ does anyone know anything about the online jobs from home like medical billing?

DG~ The last time we went to a movie was actually over a year ago. Our entertainment usually consists of the Free movies ON DEMAND with the cable. (so what if they''re 5 years old!?) We live on a tight budget normally, because I am a SAHM (and hope to continue with that). We actually don''t do much in the way of entertainment or dinners or much of anything really. As our little boy is getting older, we were starting to make plans to actually LEAVE the house. I''m good at creating and staying on a budget. I think part of MY issue is trying to help DH to not feel bad for losing his job.

Monnie~ Thanks. I know you''ve been here.

tlh~

I''m all up on that bandwagon!

purrfect~ Well, if it hadn''t been for a big tax return we wouldn''t have had 6 months covered (we just bought a house, so that''s where saving went). For us, 6 months is huge. I''m taking solace in that we don''t carry credit card debt or car payments. DH is looking into other industries, too, because the job market around here is flooded.

VRBeauty~ I love junking too! My mom and I go all around during junk days and to all the junk stores. I pick up lots of furniture and refinish it and use it or give it away to friends and family. There''s something so gratifying about spending little to nothing and thinking "WHY did someone throw this out?!"

DS~ OY to the year without jobs! We do all the park, library, river, (free stuff) and JT really loves it. We actually got into hiking last summer and fall and he thought it was the best thing ever.


Thank you all for your advice, experiences, and suggestions!

 

[radiantquest]

i voted spend frugally

if you save it all you may end up frustrated and feel that you cant do anything. it may even cause you to resent him that you cant have any of the things you want. i would put off the major things, but would buy things few and far between so that you feel like you have a little bit of money

 

[AprilBaby]

I have been in your shoes and it is very frustrating. We went 8 mo without husbands job and just spent frugally. Dinner out was the dollar menu at Wendy''s but we all had fun. We got Dvd''s at home. We went to the park to the playground. Eventually we got another job, but I''m not so sure we didn''t have a better time on less money!

 

[swingirl]

Sorry about the job loss. With things the way they are I say spend as little as you can. You can borrow movies for free from the library and young kids don''t miss what they don''t know. Museums usually have one free day a month. Colleges have free student recitals. Sell unwanted things on ebay, grow a little vegetable garden, get rid of the extras in your life. You''d be surprised how frugal some people are...and they still are happy. It''s only temporary but why take any chances and be sorry later.

 

[MichelleCarmen]

on a side note~ does anyone know anything about the online jobs from home like medical billing?

Save, save, and save! Honestly, planning any activity aside from a trip to the grocery store isn't the best of ideas in these uncertain times.

Medical billing? Does your DH have any experience with that? He'll need to know the medical codes with that and it's so involved that he's got to have SOME experience for such a position!

 

[makemepretty]

My advice is to cancel anything extra(I''m also a SAHM). We cancelled our cable and my cell but kept hubbys because he needs it for work. We joined Netflix instead of renting movies. We pay the majors: house, electric, heat, food...then budget what''s left for any other bills. Occasionally we''ll go to a movie with coupons, popcorn bucket and frequent goer card(because if we stayed cooped up all the time, we''d go crazy).

I''m hoping as soon as it''s nice out we can go to the park and lakes more this year. I don''t make any unnecessary trips, I combine all my errands. I tried selling some extra things on ebay but sadly, nobody seems to be bidding much. I make all our meals and pack a lunch for my husband. The only problem with job loss is you don''t know how long you''ll have to tread water. I''d say skip the water park but do something fun that''s less expensive instead.

 

[strmrdr]

save money but have some low cost fun from time to time!