Preparations for Job Loss

[DrakeMaiden]

I thought this might be a useful topic.

I don't know for sure, but there is a possibility that we could lose one or two incomes in the year ahead. There is a lot of attrition right now in my husband's field. My job is related, so equally vulnerable.

Besides the most obvious preparation -- getting out of debt. I would think getting garden seeds and materials lined up and storing extra food are the next best preparations.

Anyone have other thoughts to add?

 

[miss_thenorth]

When spending money--buy NO unnecessary items--stick to your need-to pay-buy things. Right off the top, put 10% of all income in a separate account. Get a little nest egg so that you have some xtra cash for emergencies when and if you don't have an income.

 

[DrakeMaiden]

That is good advice.

We have a descent "egg," but that will go fast, I'm sure. I try to always put 1/2 my paycheck in savings and only write checks out of that account for the few bills I pay (plus a few exceptions). Yes, my making exceptions will have to be stopped.

My husband keeps his own account and he is much better about keeping his spending under control.

 

[patandchickens]

What I've heard said is, if you think you may be going to lose an income, start living NOW as if you were only on one income, both to build up a bit of a financial extra safety net and to develop 'good habits' before there is an absolute need.

Excellent topic, look forward to seeing what's posted!

Pat

 

[keljonma]

Brush up your resumes. Take classes to brush up skills. Do it while you have the money. You'll be glad you did.

 

[annmarie]

If you have any extra time at all put in for subbing for support staff at the local schools, or put in for per diem work at the local hospital or nursing homes, or even offer some volunteer time to these places, if you think you might have any interest at all at working for one of them if you lost your job. Having worked in schools for many years I know that they love to snatch up already known volunteers and substitutes when a position opens up. In the meantime you'll also meet lots of local people who might be able to give you leads for other jobs/companies.

 

[DrakeMaiden]

That is great advice, annmarie.

The only problem I have with taking classes to improve my employable skills is that I'm already over-educated for my region, and for my actual job. BUT if I knew of a growth industry, I would consider learning more about a given field. Are there any besides health care?

Pat -- I've been working for years on developing those good habits. But there is nothing quite like necessity for motivation.

 

[FarmerChick]

if truly could happen to you then store up some foods in the pantry definitely. plan your EARLY garden varities and plan that garden.

also be sure to live on ONE income now. see if you can truly do it. Take your entire paycheck and bank it. Can you live on one income? that is so VITAL to know...most of us won't do that experiment but I think it is truly important. Cause if you can, then you have a tad more security than you think....what a relief to have that bit of knowledge.

get the nest egg growing. always a good thing!

take a hard look at what you can cancel. take a hard look at insurance deductibles etc. start to wittle down any "more luxury" type items.

don't throw things out too fast right now. save them cause you might need to have a yard sale later for some money....or need that item and don't want to buy it again.

grow a bigger garden...you can barter that produce for other items from people. barter is a great thing!!

I hope all stays well with your jobs. It is scary to think it could happen, but us SS people are prepared pretty well I guess....we at least do plan a bit for these things...others live with rose colored glasses til they lose their homes and such......you are smart to be prepared.

 

[DrakeMaiden]

Thanks FarmerChick, you had a lot of good ideas.

I was thinking about all the stuff we have that we never got rid of when we moved and how I may just find the time to re-home (sell) those items. . . we downsized, so we really need to get rid of that stuff anyway.

I already have done a little bartering of garden produce in the neighborhood, so we are glad that at least one of our neighbors is like-minded and complimentary in products (she has goats).

Thank you for the well-wishes!

 

[poppycat]

The best thing to "stock up on" is cash. Keep in the back of your mind ways that you could make some extra money. Also take a good hard look at your budget as it is so you know exactly how much money you need on a monthly basis, and then look at areas where you could be cutting down.

It might be a good time to dust up your resume and spend a little time on a portfolio too.

I'll keep my fingers crossed that you don't need any of your preparations.