Another Round of Layoffs – Too Close to Home…

My husband’s company has reduced their workforce by about 70-80% from the peak. He’s been fortunate to survive and, since things had calmed down a bit, we got comfortable. We participated in weddings, did little remodel jobs, and went out to dinner a few times.

That was a mistake.

Today, my husband’s co-worker was laid off and another was reduced to part-time without benefits. It looks like less than a 3 month count down until my husband gets the axe.

I am terrified.

At this point, since we had to clear out part of our savings, we can only last 8 weeks without his paycheck.

That number sends a terrifying chill through my bones.

I’m focusing on the good though:

1. He still has a job today.
2. I lost my job last year and we survived.
3. We’re both healthy.
4. The new seasons of Private Practice and Grey’s Anatomy have started.

It’s all about priorities.

Posted by Beks on October 9, 2009 at 5:00 AM in Debt Updates, General Debt | 14 Comments »
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Angie responded:
Posted: October 9th, 2009 at 8:47 am
I know how you feel. I got the news this week I would be leaving my company. I make 2/3rds of the income for the house and the money I would get as severance wot even last 3 months on a barebones budget. No savings except for 3000 for wedding (goodbye to that I guess). 6000 owed to credit with the 0% over in January. Changes are coming.
John DeFlumeri Jr responded:
Posted: October 9th, 2009 at 10:42 am
Say prayers now, and look for a job before this one disappears.
Susan responded:
Posted: October 9th, 2009 at 10:45 am
I’m sorry to hear that. Give yourself 15 minutes to worry and fret and then:

1. cut back – and then cut back again – and be prepared to cut even further if needed

2. tell EVERYONE you know that both you and he are looking for any part-time, contract, temporary work that they hear of. If it’s shoveling out horse stalls, working the holiday season doing delivery for the florist – whatever – it’s extra money

3. sell things – things you don’t absolutely love and can part with – put them up on craigslist, ebay, whatever – extra money

4. be grateful for what you have – you have some savings, you’re both healthy – and you have practice with this since you went through a job loss and you know that you will indeed survive this and come out on the other side.

Don’t let it get you down too much. And obviously, use the next 3 months to scrimp and save as much as possible in every possible way.
Dogfood Provider responded:
Posted: October 9th, 2009 at 11:13 am
Holy cow. It seems like you just catch your breath and then . . . well, no matter. If it’s coming, it’s coming, right, and there is precious little that worrying about a layoff will do for you except maybe raise your blood pressure or give you indigestion. Susan seems to have offered excellent advice. I have no advice for you, just well-wishes and crossed fingers. Good luck! The dogs and I are rooting for you!
Bobby responded:
Posted: October 9th, 2009 at 1:56 pm
Your husband should start looking pronto. The benefits from looking while you’re still employed are manifold, not the least being psychological. You operate with much more confidence when you’re employed and looking, and prospective employers can read this. Good luck!
Jen responded:
Posted: October 9th, 2009 at 3:47 pm
My fingers are crossed for you!
emmi responded:
Posted: October 9th, 2009 at 8:32 pm
Definitely stop paying down more than the normal payments on all the debts and save, save, save.
brooklynchick responded:
Posted: October 9th, 2009 at 9:20 pm
I feel your pain – just got laid off, luckily with a two mos severance. Unemployment will cover my rent and there is a new COBRA subsidy from the gov that means I can keep my insurance.

Right now, in addition to the job hunt, its all about what PT and freelance work I can get.

Fingers crossed for your family!
JSquared responded:
Posted: October 9th, 2009 at 9:55 pm
Keep in mind that he should also qualify for unemployment. So that will be some money to help cover expenses. Please remain positive, there are many people dealing with unemployment
Johanna responded:
Posted: October 11th, 2009 at 7:49 pm
Have you signed up for Amazon Mechanical Turk (https://www.mturk.com/mturk/welcome) ? I have been doing HITS (Human Intelligence Tasks) for about 3 months on and off when I have a couple free minutes, and I have earned about $100 so far…
John DeFlumeri Jr responded:
Posted: October 11th, 2009 at 7:57 pm
Sunday nite 9pm!! the link for “job no more” doesn’t connect, Beks.

John DeFlumeri Jr (GOOD LUCK JOB WISE!)
Margot responded:
Posted: October 12th, 2009 at 10:21 am
I hope this is the last time you’ll both have to learn the lesson about spending money on luxuries (and wedding-related events are luxuries) when you are not financially secure. Other commentors and I have made comments as to why you both were spending so much on bachelor parties, wedding travel, and other things, and you gave the common justifications that broke people use: it’s important, we couldn’t possibly miss being a part of someone’s “special day”, we deserve a treat, etc, etc.

Also, there really is a lot of part-time our hourly work out there that your husband might be able to find as a short-term solution. Delivering pizza, retail leading up to the holidays, lawn/yard work in nicer neighborhoods, childcare in the neighborhood, etc.
Michelle H. responded:
Posted: October 12th, 2009 at 11:14 am
Beks,
One other thing, we had someone help us out financially when my husband lost a job years ago. I’d like to do the same for you – can you contact me privately via email?
Thanks,
MH
Beks responded:
Posted: October 14th, 2009 at 10:11 pm
Aww Angie, I’ll be wishing the very best for you. I hope the wedding comes to fruition sooner rather than later!

Michelle H. – I amazed at the loving generosity of others. Your offer made me cry. If things get worse for us, we can still sell my car or our furniture and I feel as though even then, we are so blessed. I couldn’t accept money knowing there are others who have nothing left to sell and nowhere to turn. You are an amazing woman and I cannot stress how much your offer meant to me. Thank you so much.