How are you preparing for a job loss?

Discussion in 'Community Discussion' started by iShater, Nov 14, 2008.

  1. iShater macrumors 604

    iShater

    Joined:
    Aug 13, 2002
    Location:
    Chicagoland
    #1
    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?
     
  2. soberbrain macrumors 65816

    soberbrain

    Joined:
    May 9, 2008
    #2
    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 ;)
     
  3. iShater thread starter macrumors 604

    iShater

    Joined:
    Aug 13, 2002
    Location:
    Chicagoland
    #3
    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. :p
     
  4. JNB macrumors 604

    JNB

    Joined:
    Oct 7, 2004
    Location:
    In a Hell predominately of my own making
    #4
    Made sure my better half has a recession-proof job! (Sheriff's Office ;))
     
  5. iGary Guest

    iGary

    Joined:
    May 26, 2004
    Location:
    Randy's House
    #5
    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.
     
  6. iShater thread starter macrumors 604

    iShater

    Joined:
    Aug 13, 2002
    Location:
    Chicagoland
    #6
    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 :eek:

    She is not as good tracking her balances.
     
  7. heehee macrumors 68020

    heehee

    Joined:
    Jul 31, 2006
    Location:
    Same country as Santa Claus
    #7
    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. :)
     
  8. ucfgrad93 macrumors P6

    ucfgrad93

    Joined:
    Aug 17, 2007
    Location:
    Colorado
    #8
    I'm watching expenses and trying to eliminate debt.
     
  9. iVeBeenDrinkin' macrumors 65816

    iVeBeenDrinkin'

    Joined:
    Oct 17, 2008
    #9
    Watching expenses or not spending money is why we are in a recession. I say go out and spend!
     
  10. iShater thread starter macrumors 604

    iShater

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    Aug 13, 2002
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    Chicagoland
    #10
    So you you are leaning towards taking the plunge with your friend? :)
     
  11. heehee macrumors 68020

    heehee

    Joined:
    Jul 31, 2006
    Location:
    Same country as Santa Claus
    #11
    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. :)
     
  12. PlaceofDis macrumors Core

    Joined:
    Jan 6, 2004
    #12
    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.
     
  13. Surely Guest

    Surely

    Joined:
    Oct 27, 2007
    Location:
    Los Angeles, CA
    #13
    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.
     
  14. dmr727 macrumors G3

    dmr727

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    Southern California
  15. iVeBeenDrinkin' macrumors 65816

    iVeBeenDrinkin'

    Joined:
    Oct 17, 2008
    #15
    I can't afford for the whore to drink my booze in times like these. So, just booze for me.
     
  16. FrankieTDouglas macrumors 65816

    Joined:
    Mar 10, 2005
    #16
    I'm actually preparing to leave graduate school and enter the world of academia. We'll see how that goes.
     
  17. bassproguy07 macrumors 6502a

    bassproguy07

    Joined:
    Aug 13, 2008
    Location:
    Katy, TX
    #17
    i cant find a job, every application i fill out seems worthless. Idk if its the economy or my school schedule though.
     
  18. ZiggyPastorius macrumors 68040

    ZiggyPastorius

    Joined:
    Sep 16, 2007
    Location:
    Berklee College of Music
    #18
    I'm having an affair with the boss. That way I make sure I'm the last one to get cut...
     
  19. MacsBestFriend macrumors 6502a

    MacsBestFriend

    Joined:
    Sep 6, 2008
    Location:
    upstate ny (purgatory)
    #19
    spending $100 a day at starbucks:p
    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......:(
     
  20. Iscariot macrumors 68030

    Iscariot

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  21. puckhead193 macrumors G3

    puckhead193

    Joined:
    May 25, 2004
    Location:
    NY
    #21
    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...:rolleyes:
     
  22. kellen macrumors 68020

    kellen

    Joined:
    Aug 11, 2006
    Location:
    Seattle, WA
    #22
    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.
     
  23. jecapaga macrumors 601

    jecapaga

    Joined:
    Jul 1, 2007
    Location:
    Southern California
    #23
    I'm not taking vacation...have 6 weeks saved up. I'm saving money and not spending if such a something happens to me.
     
  24. Big-TDI-Guy macrumors 68030

    Big-TDI-Guy

    Joined:
    Jan 11, 2007
    #24
    I had 6 months worth of living expenses saved.

    I'm now on month 7. :confused:
     
  25. Abstract macrumors Penryn

    Abstract

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    Dec 27, 2002
    Location:
    Location Location Location
    #25
    Weren't you changing jobs for your girlfriend? You two broke up since that "restaurant" thread, no?
     

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