Reading a couple of the threads on here the last few days, in addition to all the recent news coverage of layoffs got me to thinking: It could happen to just about anyone, anytime.
So what would you do if you lost your job tomorrow with no warning and no severance?
I would first thank God that I had the ability to pay off all my credit cards during the good times and build a “rainy day” fund!
I’ve already made a budget spreadsheet with three tabs. They are Income/Expense budgets for:
Good times (now)
Crunch times
Crisis times
What would you do to replace your income until you found / in lieu of finding a new job?
We would go back to doing the ebay thing again, while spending every spare minute getting some of the eCommerce ideas in action.
What would be the biggest change in your expenses? Ours would be to cut back significantly on food/wine/entertainment expenses by ($3K) and miscellaneous ($1K). In crisis mode, we would lose the housekeeper ($500), gym/spa ($500), cable/internet ($300)
I know that I should probably be living NOW on the crunch or even crisis budget. But we choose to enjoy a few of the luxuries instead of delaying them. Personal choice.
If you don’t already have a “rainy day” fund, is there a reason you aren’t already living on your “Crisis times” budget?
So what would you do if you lost your job tomorrow with no warning and no severance?
I would first thank God that I had the ability to pay off all my credit cards during the good times and build a “rainy day” fund!
I’ve already made a budget spreadsheet with three tabs. They are Income/Expense budgets for:
Good times (now)
Crunch times
Crisis times
What would you do to replace your income until you found / in lieu of finding a new job?
We would go back to doing the ebay thing again, while spending every spare minute getting some of the eCommerce ideas in action.
What would be the biggest change in your expenses? Ours would be to cut back significantly on food/wine/entertainment expenses by ($3K) and miscellaneous ($1K). In crisis mode, we would lose the housekeeper ($500), gym/spa ($500), cable/internet ($300)
I know that I should probably be living NOW on the crunch or even crisis budget. But we choose to enjoy a few of the luxuries instead of delaying them. Personal choice.
If you don’t already have a “rainy day” fund, is there a reason you aren’t already living on your “Crisis times” budget?
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