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Update

May 11th, 2018 at 07:26 pm

I have not given you an update in a while, but I've been around reading your blogs. Two weeks ago my husband was notified that his contract will not be renewed and he will be out of work at the end of June. I am sort of relief to finally know. This job was causing a lot of turmoil and taking the peace out my home and I can say with conviction that I am glad it's over. Financially speaking, we will be just fine. I've been working on a plan for a while now and our emergency fund is extremely beefed up.

Here is the plan:

My husband will applied for unemployment benefits while looking for a job. We plan to save all of the unemployment money.

My DS#2 (who still lives with us) offered to help pay for the property taxes and homeowner's insurance. $700 a month. He has a really good job, saves a lot of his money while spending a bit of money on entertainment and car stuff. That leaves us with just the mortgage payment and household bills. We have no consumer debt other than mortgages.

I decided not to contribute to summer savings at work. My employer takes 10% of my net income to stretch my pay checks into the summer as I am a 10 month employee. That will give us an extra $775 every pay period. I will try to prepay July, August and September mortgage payments during the year if my husband does not find a job by then.

I will coupon and look for deals on groceries to keep this category in check.

No vacations, no mindless spending, etc.

On the bright side:

My income covers our monthly expenditures.

I will continue to contribute to my retirement accounts. I don't want to stop contributing because I am already behind contributing to retirement accounts.

Warmer weather is here and heating bill is at a minimum.

Mini Lofty Savings Goal #3 is fully funded.

6 Responses to “Update”

  1. Carol Says:

    Job loss is hard but it looks like you are in a good place. Good luck!

  2. snafu Says:

    While I understand the stress of losing a job, it resolves that tension of the unknown that you felt upset household peace. DH will be in fact finding mode to work out any job search assistance from employer, learning the terminology and rules of Unemployment Insurance Would DH be amenable to extend his job search to other states you might consider weather-wise?

    Just some random thoughts

  3. snafu Says:

    sorry, my laptop sometimes drops paragraphs.

    {UI is really tricky] retirement benefits accrued, medical insurance options, SS eligibility scale and other financial factors.

    Perhaps there is a silver lining resulting from you free of daily employment obligations in July. Had you worked out the actual cost of working in transportation, vehicle maintenance, wardrobe, special garments, if applicable, grooming costs, meals from scratch that lowers food budget, less laundry, contributions to staff events etc.

    With the underlying desire to move, there will be time to assess items to be sold in the future and items not used, not needed now, sold to add to your fund. I have no idea how handy DH or DS #2 might be, but this can be seen as an opportunity to fix/update the house, ready to list should the opportunity arise. What small changes would be advantageous to 'stage' your home for sale? [lots of details on line, You Tube or library]

  4. rob62521 Says:

    Sometimes knowing the bad news is better than being left to wonder. Your plan sounds like a sound one. Hope DH finds an even better job.

  5. CB in the City Says:

    You've done a good job planning. Good for you!

  6. FrugalTexan75 Says:

    Sometimes losing a job can be a blessing in disguise. Glad you are prepared with a plan, and hope he finds something better soon!

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