layoff

[Preston]

ok. this is a VERY real scenario for me right now.

besides stockpiling cash, what are some thing I should to do if I feel I am about to lose my job?

[mauimagic]

If this were to happen to us, we would be stocking up our pantry to make sure we didn't run out of the basics - but only if there were on sale - starting with toilet paper and 20 lbs. of rice.

I would also be deep cleaning our home and having a gigantic yard sale. Then I'd be looking for a second job that I could take on right now.

[Libby]

Remove all your personal belongings from work. Think of it this way - do you want HR cleaning out your desk/locker for you and giving your things to you at a later date, potentially withholding them for something? Are there things you don't want them to see?

STOP THE GRAVY TRAIN!! Make yourself validate everything you buy or spend money on. Look for store brand vs brand name unless you need brand name. Buy used vs new etc. Don't justify your purchases, validate them.

Make a very real list of the actual debt you have & play with numbers. Try to figure out ways you'll be able to keep up the payments, kinda like creating a new budget thats adjusted to your lower income - hopefully you will receive unemployment benefits. In fact create several of them. 'If I stopped buying this and used the money not spent on it, it could pay this debt down more by x amount of dollars' - that type thing.

Keep track and take inventory of what you have in the house - food, HBA and other things you will need. Make a list of MUST HAVES and a WISHLIST so you'll know what to focus on later.

Medications - If you have health insurance benefits - refill meds ASAP and if on longtime longterm meds..speak with your pharmacist to see if you can get a double refill of them before you get the axe.

Expenses - Find all the receipts for the things you've used your own personal cash for that need to get reimbursed. This includes medical as well. Submit them ASAP.

Update your resume & look for jobs online and apply. What is the worst case scenario - you don't get laid off? You go for an interview, gain more interview experience and possibly open up new and improved possibilities to yourself? I was told it was easier to go for job interviews while you're still working vs being off for a while then going at it.

Then begins the frugality...stalk the flyers, coupon hunt, menu plan hardcore and just pull up your socks. Its better to know its coming and sort of be able to prepare vs being dumbfounded when the time comes. IF it comes.

[Russ]

awesome advice Libby.

[Liane]

I agree with all of the advice. The one thing that I would add is schedule doctor, dentist and specialist appointments now. Hope you don't get laid off. If it does happen, and it has happend to me twice, you can go to school and unemployment will pay for it. Keep your options open. Best of luck to you.

[frugalwarrior2]

Everyone gave you great advice so lets go 1 step further.
Pretend everyday IS your last day of work and spend that way.

-utube start learning to super coupon w/ tutorials. My grocery bill is 50-75% less. I now have 1 years stockpile of dry goods for 4 people along w/ hygiene and cleaning products. I stockpiled pet food and litter,batteries,.

-put all your mechanicals in working order. Hows the bike,the lawn mower,the washer,dryer,dishwasher,etc.

-clean off all personal and/or embarassing things off your computer. The hard drive still holds all that. My DH is a network guy. Many times he comes in snips the cord and they grab the computer and the person is escorted OUT. Then he downloads all the junk on the hard drive. He has stories. wow. People forget the computer belongs to the company.

If you want to transfer anything you can't pay off now to a lower interest rate,do it now.

You've been learning to lean out this year,consider it the trial before the test.

Have a suit/ shirt dry cleaned and shoes polished,keep your hair cut. Be ready to drop everything to go on an interveiw. Have several slants of your skills specific to potential jobs in the form of several diff. resumes. Research. What are the key phrases and what's out.

Keep all your medical needs up to date. Have you been putting off physical,filling replacement,eye exam. Do it now. Dr's take payments for the diff when you have ins. but want CASH from non-insured patients.

Does the cat/dog need shots-Petco does low cost pet care if you are willing to stand in line. (bring a cat carrier for sure.)

Good luck. Don't forget to be that indespensible guy at work who will always be there for extra hours. My DH has not had his job outsourced because he will travel. They are cutting 15,000 this year at his work (globally).

[Siebrie]

If you have a company car, or if there is a company car you can use, do so to get some major shopping into the house. It´s hard to lift 40lb ricebags from the store to the busstop and into your home. Same goes for potatoes, shelfstable milk, etc. Tp is clumsy to carry on public transport, but not heavy. Also, pick up the items you were promised by friends and family and purge big items while you still have the car.

[Preston]

The chances of me losing my job by the end of the year are about 50/50. But I have already started to search for additional employment -- preferably somewhere I could just shift over to if I do lose my current job. I may just work a fast food job in addition just to get some form of income. I don't want to, but you do what you have to do.

I've done the math, and we can both get by on just my wife's salary. But there would be no wiggle room... and that is not a way I want to live.

[craftypam]

If you plan for it you should be fine. My dh has a seasonable job and has been laid off several winters and because we knew it was coming we were well prepared. My dh's construction businesss is so slow here in MI that he is working nights at a grocery store and yes you do what you have to do.

[mek42]

If you are a W-2 employee in the US, can you survive without new debt or spending down your emergency fund on unemployment? Unemployment may pay more than a part-time job once you are laid off. If there is a debt payment that keeps you from surviving on unemployment, maybe pay it off if getting rid of it puts you in survival budget?

[Rippin508]

Great advice from Libby.

One thing I would start to do is network with other professionals in and out of your field. From what I have read and talked with other people about, most jobs today are word-of-mouth. Either you know someone at another company or they know someone at another company that is hiring.

[Debbie-cat]

Great advice Libby. Preston you have gotten alot of great advice. I truly hope all works out for you. My thoughts and prayers are with you.

[Wendy99]

I'd start getting your resume updated right away, so if it does happen you are ready to find a new job.

[StartingOver]

Network....Network.....Network.....and get your resume up to date.

My dh was laid off right before Christmas w/no warning. For 3 months he tried to get into a certain company, but didn't even receive a phone call. But yet the position was posted on the job boards month after month.

While doing some networking for him, I found out thru a friend of a friend that an acquaintance worked there.....I talked to this person and later that week dh received a phone call for an interview. We were so blessed he got the job, had to take a $10,000/yr pay cut...but he has awesome benefits, which he never had before.

Unfortunately....it's WHO you know, NOT what you know.

[porembam]

I hope everything is working out. I'm sorry you are going through this but it seems like people gave you some great advice. My prayers are there for you.