How are you preparing for a job loss?

[iShater]

There have been a few threads about lists of layoffs and reaction to the economic downturn.

Since job loss is a big part of this, I am curious what others are doing to prepare for it.

I am an IT contractor and my current gig will end right before Thanksgiving, so I will start with mine:

1) Started saving a cushion earlier this year, it can hopefully last me more than 3 months of "normal" expenses.
2) Watching my accounts as a hawk to ensure I know where everything is going.
3) Taking advantage of any good coupons ($10 off $20 at CVS, $150 to open a new Chase account), etc.
4) Started making a list of expenses we can remove from the monthly budget.
5) Refreshing skills in my field (i.e. studying my butt off)
6) Looking for jobs. Duh!
7) Researching unemployment benefits (if they even apply).

What about you?

 

[soberbrain]

I'm a contractor too and today is my last day. Pretty much the same as you, plus not buying a new MacBook.

I had not taken much time off in the past year so I'm just going to enjoy being home and also work on a few things around the house.

I had been planning for this in the last few months since workload had decreased in my department, which I found was inversely proportional to the number of posts and visits I make in the forums

 

[iShater]

The wife and I planned a vacation to Mexico in December, gonna take it no matter what. I started the last two gigs with zero time-off in between.

I need the break from the rat race.

 

[JNB]

Made sure my better half has a recession-proof job! (Sheriff's Office )

 

[iGary]

We have about 4 months of expenses in savings - wish it was more, but the significant other has been out of work since July.

I'm also taking a part-time job to help bolster our savings account.

If I got laid off, we'd be in deep poop pretty quickly.

 

[iShater]

Made sure my better half has a recession-proof job! (Sheriff's Office )

We have about 4 months of expenses in savings - wish it was more, but the significant other has been out of work since July.

I'm also taking a part-time job to help bolster our savings account.

If I got laid off, we'd be in deep poop pretty quickly.

I guess I forgot to mention my wife has a full time job with a decent pay, but a majority of our expenses come from my paycheck.

Probably our biggest fear is her losing her job too, then we are SOL. My savings cushion accounts for my share of the expenses more than the entire household

She is not as good tracking her balances.

 

[heehee]

I don't think I'll get "lay off", my boss is super duper rich. I have another "job" lined up, in fact, I'm thinking of leaving my current job for that, part restaurant owner. I have until Christmas to decide.

 

[ucfgrad93]

I'm watching expenses and trying to eliminate debt.

 

[iVeBeenDrinkin']

Watching expenses or not spending money is why we are in a recession. I say go out and spend!

 

[iShater]

I don't think I'll get "lay off", my boss is super duper rich. I have another "job" lined up, in fact, I'm thinking of leaving my current job for that, part restaurant owner. I have until Christmas to decide.

So you you are leaning towards taking the plunge with your friend?

 

[heehee]

So you you are leaning towards taking the plunge with your friend?

Yes, I'm going to take a chance at it. I told him I will give him the final decision by Christmas. He told I can work for 4-5 years, save the money that I make and do something I like again. The money is too good to pass up.

 

[PlaceofDis]

I'm watching expenses and trying to eliminate debt.

same here and doing my best to try and save if i can. but with the holidays that will be hard.

i should have good job security now that the turbulence is over. although a few more hours here or there due to cutting back. oh well. thats salary for you at least i dont have to worry about losing my job at least. and thankfully my rent isnt increasing either.

 

[Surely]

I just quit my job last week! Actually, it's more accurate to say that I quit my career. Feels great! It was time to move on. I plan on going back to school in January to train for and learn something completely different.

For now, I'm taking a little time off, and soon I'll look for a job to make a little extra money while in school. My wife is employed and we can afford all of our monthly expenses on her salary. If something happens to her job (knock on wood), we have a very large savings account to utilize if necessary, so we'll be fine for a while.

Unfortunately, no one is safe in this economy and we realize that. Layoffs are occurring in all sectors, and even highly trained professionals aren't safe.

We've cut back on unnecessary expenses to compensate for the economy. No unnecessary trips to the mall to shop because we're bored. We make meals at home a little more often. We're quite good at being disciplined with money, so the transition hasn't been hard.

 

[dmr727]

Booze and whores.

 

[iVeBeenDrinkin']

Booze and whores.

I can't afford for the whore to drink my booze in times like these. So, just booze for me.

 

[FrankieTDouglas]

I'm actually preparing to leave graduate school and enter the world of academia. We'll see how that goes.

 

[bassproguy07]

i cant find a job, every application i fill out seems worthless. Idk if its the economy or my school schedule though.

 

[ZiggyPastorius]

I'm having an affair with the boss. That way I make sure I'm the last one to get cut...

 

[MacsBestFriend]

spending $100 a day at starbucks
but seriously, i am only in eighth grade and my job has no pay the first year. my mom is an eeg/ultrasound tech and she is trying to get her license (not required: the guy that taught her how is now in charge of the dept.) and the hospital she worked at closed just recently and she was moved to another one (story was in national news). she has no savings- car was payed for in july, but she bought new furniture for the house right after (we had practically none- couch had springs poking through), and don't get me started on my dad- his house is better of, but he started a construction co. this year and has had no bids, only the apartments he rents pretty much to keep us going... we are already in a depression in my opinion......

 

[Iscariot]

Six months worth of living expenses saved.

 

[puckhead193]

I graduated in May from college and still looking for a job. (TV production) Its sucks donkey. I've been keeping busy, my mom had shoulder surgery so i've been helping her and around the house and babysitting once in a blue moon.
I've met some unbelievable contacts but no one is hiring and they refer me to there friends and i get no where. I've been applying and haven't gotten many callbacks. I'll see what happens. My "ex-uncle" has a small production company and said i could work as an intern but i really would like a paying job. So i'll see how the rest of Nov. goes if nothing happens i'll prob start working with him. Luckly my parents aren't kicking me out and i don't have student loans
If nothing comes by the spring i might go back to school. For what, i have no idea. My mom keeps on bring up being a teacher...

 

[kellen]

Im in healthcare so I feel pretty solid about my job. Heck we still have almost as much overtime as we want.

Plus I do good at my job, have been promoted to a leader and get along with people.

GF is in retail. Not extremely worried, but I think about it sometime. I have about 6 months in savings, plus parents who would help out. She has some as well.

Currently applying to schools and the constant spending of money worries me. Around 5 thousand so far. I would love to have that in a bank account as a safety net, but oh well.

Save, save and then save a little more.

 

[jecapaga]

I'm not taking vacation...have 6 weeks saved up. I'm saving money and not spending if such a something happens to me.

 

[Big-TDI-Guy]

I had 6 months worth of living expenses saved.

I'm now on month 7.

 

[Abstract]

Yes, I'm going to take a chance at it. I told him I will give him the final decision by Christmas. He told I can work for 4-5 years, save the money that I make and do something I like again. The money is too good to pass up.

Weren't you changing jobs for your girlfriend? You two broke up since that "restaurant" thread, no?