What to do when you lose your income

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What to do when you lose your income

Published by sam - 19/10/07 - 01:10:15 pm

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Well, it happened. I can’t say it was a surprise. Sales were down, and my husband was the new man on the totem pole. He lost his job yesterday. At this point we are officially without an income, and we have about one month’s worth of expenses left in our emergency fund before we have to break open our retirement savings.

So how are we handling this? There are several things we’re doing to make our way through this financial mess. First, we realize that we are on the same team. It won’t do any good for me to blame my husband. And it’s not any good if he blames himself. The situation is what it is, and we need to work together if we hope to get through this without hurting our marriage. We’re off to a good start.

Second, we need to prioritize our expenses and cut back on whatever we can. Our rent has to be paid. We need food. We need clothes. We need gas and electricity. Anything beyond that is optional. The next tier of priorities includes our cars, car insurance, life insurance, an internet connection, and a phone. These things aren’t necessary for living, but they’re extremely useful in getting around and finding a job. Finally come the completely optional expenses: satellite TV, extra-curricular activities, eating out, our Blockbuster Online membership. If we find that the prospects don’t look good for my husband getting a job soon, these last things will be the first that are slashed from our budget.

We also need to network. Most jobs are found through people you know, so it’s important for my husband to get himself out there and talk to people about getting a job. This should be easy for him, as he’s a pretty social guy, and he likes talking to people. He’s also got his resume up at Monster.com and Career Builder. Meanwhile, we’re still working hard at getting his copywriting business off the ground. It’s never good to put all your eggs in one basket, so we’re diversifying our efforts to bring in an income.

Finally, we’re resting in the fact that God is in control. We may suffer. We may suffer a lot, actually. We may be stripped down to nothing but food, clothing, and shelter. But we’ll be OK. We’re in a scary place, but I know God has something in store for us. Hopefully we’ll find out what that is soon.

Source: http://beingfrugal.net/2007/10/18/what-to-do-when-you-lose-your-income/

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October 19, 2007 | Financial Planning |

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