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Home > Loss of one income

Loss of one income

May 29th, 2013 at 09:26 am

In April, as many of you may already know (for the newbies) my husband and I paid off the house mortgage and the car loans. By doing so, we cut our bills by $2,544.00. My husband's job has been on the line for quite sometime now and that inspired us to become "gazelle instead" (Dave Ramsey and sorry if you're not a fan)and pay $275K in about 36 months. Yes, we did it by putting every extra cent towards paying our debts and selling our rental home as well as using a good chunk of our savings. Well, last week our biggest fear came to a reality. My husband was not given a contract, therefore he will be officially unemployed on June 30th. He will apply for unemployment benefits as of July 1st. I write this, not for you to feel sorry for us, after all we will be okay with my income and cutting back on things. I share our situation so that maybe I'll inspire you to become debt-free. Had we've not paid off our debts, we would be in big trouble.

8 Responses to “Loss of one income”

  1. twest Says:

    I hate that your husband didn't get his contract renewed, but WAY TO GO on having the debt paid. I know you will feel so much better about things with not having all those payments.

  2. PNW Mom Says:

    I'm sorry to hear about your husbands job....but truly...you are both an inspiration! I can only imagine the relief you feel at having paid your debts off....especially in the times to come. Best of luck...hope to hear about your journey in the months to come.

  3. My English Castle Says:

    Wow. A very instructive story.

  4. laura (momcents) Says:

    Hi NJDebbie, did you get my email? I've thought about you so often this past week, and have been praying. Hope you're doing OK. Laura

  5. snafu Says:

    Sorry DH's contract was not renewed. While it's hard to do, it's a great opportunity to look at every skill and every type of work or job or position that he remotely qualifies. It takes a lot of positive feedback to elevate mindset, self confidence and compliments from family and friends to tailor resumes for endless applications. I keep reading and hear anecdotes that confirm most people get jobs by having one extra tiny factor by being referred by an employee or being encouraged to apply by someone they know. Networking is critical and everyone needs to spread the word.

    He may not need it but can you find out all job search classes, resume writing, interview technique workshops that are available in your community. Are there any courses available to DH that will extend his benefits? Best wish for a quick and successful job search. to your DH

  6. LuckyRobin Says:

    Sorry about the job loss, but glad you are in a position to not need it.

  7. MissAngel Says:

    Thank you for sharing. Having just gone through a minor financial issue of my own, I agree that it is best to get out of debt and be prepared!

  8. monkeymama Says:

    It's a big bummer, but I have no doubt you will be just fine!!

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