Might be losing my job - need advice **UPDATE** - Page 2

[honeybunmom]

Originally Posted by EmsMom

Probably most of your energy should go into networking at this time, really. And updating the resume, maybe even look into another speciality that might be hiring more and than take some classes in it. Then it might not be so long before you find something else. You may want to study up on some hardcore frugal stuff, though. And learn to cook if you or your husband isn't doing that already. Don't forget, without the job, many job related expenses disappear as well, such as commuting expenses. It may be that you can make that year's worth of income stretch out quite a bit more than that.

Also, it is worth noting that if you didn't really enjoy your job, now would be the perfect time to consider what would be more enjoyable for you! A year (or more)'s worth of income gives you options you may not have had before....

Thanks! I do cook from scratch probably 90% of the time. I rarely buy new clothes - definitely not every season, more like when things are worn out. I spend $20/wk on commuting, if my dh doesn't take/pick me up. I bring my lunch probably 90% of the time, maybe more. Dh gets new jeans from me for Christmas and my mom always gives him a nice sweater or 2. She gives me 1 or 2 nice items of clothing as well. Fortunately, I'm still the same size (although a lot softer in some areas!) so, I've never had to switch out my whole wardrobe after kids. I've started thrifting for the kids' clothes. I knit the baby's woolies myself and some things for dd. I do think a year's worth of expenses will take us pretty far. I was on maternity leave for 6 mos (12 wks paid/12 unpaid) and ended up with a month of living expenses left over since we underspent so drastically. And quickly spent it on the rehab.

Your second point is very well taken and one I will most likely explore while I begin the heavy networking. Fortunately, I'm also in the same city as my law school alma mater, so, I can head to the career services office and peruse the job listings (I'll check and see if they post them online these days).

With dh at home, we don't have any after care expenses for dd and no child care expenses for ds. That has helped a lot. But, dd's preschool is tuition based. That's one of the things that troubles me.

I should add that in addition to being a child of foreclosure, I'm a child of a discount retailer! So, all my "wild spending" was done when I was single. Even then, I rarely splurged on anything full price.

[SuzyLee]

Question: if you are laid off and at home FT, will your DH be able to make faster progress on renovations himself, vs. hiring someone to finish them?

[Leta]

I haven't read the entire thread, but here are my ideas.

-About the house
*flashes street cred badge: daughter of a contractor*
Finish the bathroom(s) and the kitchen as your first priority. Second priority, get your drywall up, mudded and taped, and, if you need to, get your floors sanded. These are the really gross parts of remodeling. Not having a kitchen will cost you money, not having finished baths will kill your equity if you have to sell, and living with drywall/saw dust is very unhealthy. Everything else, you can do a little at a time while you're living there.

-Once the top priorities are done on the house, get the hubs back in school and get him graduated.

-Frankly, in this market, I wouldn't be committed to selling the condo. If you can get what you want for it, great. If not, just rent it out. Don't hate me, but worst case scenario, you may need someplace to go if you are forced to sell your remodeled home.

-Def refi the condo and the house. Now's the time.

-Def sell the sports car. If you have car payments, try to use the $$$ from the sale of the sports car to pay off the cars you are driving.

-If it were me, I'd give my brother the money, because you may not get to see him again for awhile. But this is an emotional argument, not an economic one.

HTH and Good Luck!

[honeybunmom]

Originally Posted by SuzyLee

Question: if you are laid off and at home FT, will your DH be able to make faster progress on renovations himself, vs. hiring someone to finish them?

Theoretically, yes. He has a serious issue with completing things though. I was on maternity leave for 6 mos and he did not finish this project. Oh, and we've just entered year 5 of the rehab.

[honeybunmom]

Thanks so much for your response!

Originally Posted by Leta

I haven't read the entire thread, but here are my ideas.

-About the house
*flashes street cred badge: daughter of a contractor*
Finish the bathroom(s) and the kitchen as your first priority. Second priority, get your drywall up, mudded and taped, and, if you need to, get your floors sanded. These are the really gross parts of remodeling. Not having a kitchen will cost you money, not having finished baths will kill your equity if you have to sell, and living with drywall/saw dust is very unhealthy.thank you! I did not know this. Everything else, you can do a little at a time while you're living there. and seeing as these are all the things that remain, we'll finally be finished! Hooray!!!!

-Once the top priorities are done on the house, get the hubs back in school and get him graduated.

-Frankly, in this market, I wouldn't be committed to selling the condo. If you can get what you want for it, great. If not, just rent it out. Don't hate me, but worst case scenario, you may need someplace to go if you are forced to sell your remodeled home. I'm with you here; we'd rather rent than sell it in this market. But, with the assessments, the costs are almost identical. In fact the mortgage + assessment is about $100 more in the condo. The property taxes in the condo are about $100 less and the utilities in the house are about $100 more.

-Def refi the condo and the house. Now's the time.

-Def sell the sports car. If you have car payments, try to use the $$$ from the sale of the sports car to pay off the cars you are driving.No payments here. It's been paid off for about 5 years.

-If it were me, I'd give my brother the money, because you may not get to see him again for awhile. But this is an emotional argument, not an economic one. I'm kinda inclined to do the same! It would be really sweet for our kids to share this Christmas with each other and their mimi.

HTH and Good Luck!

[lmonter]

Originally Posted by MissMommyNiceNice

Will you be eligible for unemployment? That should be around 60 or 70% of your current pay, which will also help.

Wow, which state do you live in?
Hubby's unemployment check was... 46% of his take-home salary. Closer to 32% of his salary before all the taxes and insurance and other stuff was taken out of the regular paychecks. Neither percentage includes the extra $25/week from the federal government right now, nor the income taxes we will have to pay/claim on it later on come tax time, and he pretty much got the maximum benefit possible for our state and was due to run out of benefits here in about two months or so. So don't count on unemployment keeping up with your bills without some savings also in your hot little hands.

[honeybunmom]

Originally Posted by lmonter

Wow, which state do you live in?
Hubby's unemployment check was... 46% of his take-home salary. Closer to 32% of his salary before all the taxes and insurance and other stuff was taken out of the regular paychecks. Neither percentage includes the extra $25/week from the federal government right now, nor the income taxes we will have to pay/claim on it later on come tax time, and he pretty much got the maximum benefit possible for our state and was due to run out of benefits here in about two months or so. So don't count on unemployment keeping up with your bills without some savings also in your hot little hands.

Yeah, I checked this out Monday and it is around half of what I bring home bi-monthly. So, yup, I can expect to recoup about 1/4 of my income through unemployment.

[greenmom4]

Originally Posted by HappyMommy2

I didn't know this when I was laid off, but apparently you can negotiate your severance package. I wish I would have asked for more!

True this. Be sure to negotiate benefits along with $$. It was a huge relief when I was laid off that our insurance would continue along with the paychecks. COBRA sucks.

[honeybunmom]

bumping this to share my update