Are you Ready for Job Loss?

dollardaze · #1 04-02-2009, 01:17 AM

The economy has been on everyone's mind, and many people believe they have enough money saved just in case they lose a job, or have to take a cut in hours. Most people believe they have at least a month's worth of money before they'd need to start worrying about paying their utility bills, mortgage, car payment, etc.

I read about a little test that you can take to find out how long you could last if you were to lose your job unexpectedly. Simply hang on to your paycheck and live on what you have accumulated for the unexpected. When you start feeling the pinch, and have to cash your paycheck, just count back to the beginning date of your test to see how well prepared you are for a financial crisis in your life.

pennypinch · #2 04-02-2009, 02:34 AM

If I lost either one of my jobs right now we would probably be living in a box somewhere under a bridge. I am serious! We could not make it without my paychecks coming in. We live day to day as it is now. I couldn't imagine if I had no work to help out.

Empty Wallet · #3 04-02-2009, 05:07 AM

i hear ya penny pincher, its almost impossible for someone like ourselves to save anything, the price of groceries is going up and up, gas, utilities, taxes, and checks are staying put or going down, with no overtime. I don't know how anyone can manage to save anything?

signed
poor now, poor then, poor forever!
lollll

carol b · #4 04-02-2009, 06:04 AM

Many people who I know that have lost their jobs thought that they would be able to get by on their unemployment checks.

It hasn't worked out that way however. The cost of many things has increased and caused people to clean out their savings.

Others have had to cash out their 401ks also. Now that this is all gone they are desperate to make any small amount of cash anywhere they can.

Short term unemployment is one thing and long term is a completely different story. If you have to be layed off for a year what do you think you would do?

Myself I think that I would loose a bunch of weight because I wouldn't be able to eat well. Stress and the lack of money being the main reasons.

I would pay my house payments first just so I had a place to live. Everything else would have to come after that.