New here........debt plan

**SSGWilkesWife** · 11-12-2005, 01:25 AM

Ok, first off I am new to the boards. My name is Paulette. I am married to a wonderful man and we have 3 children. The past few years have been great financially for us but we still havent got all our debts paid off. The company I work for has offered a volunteer permanent lay off. The benefits of this would be a lump sum of $37,500.00 Six months company paid medical, vision, and dental. Training to get back in the job market/schooling, 401K can remain in company plan and continue to build but will not match anymore, and will qualify for 26 weeks @ max unemployment. I have been on this job for 8 years, it is production, very dirty, hot and we work 12 hour shifts working every other weekend and swapping from nights to days on a monthly basis. After discussing the program with hubby we decided that this would be ideal for me. I am now enlisted for lay off as of Jan 10, 2006. With the lump sum we are paying off everything but the mortgage. We will bank 20k and the unemployment I receive. My monthly take home is $2200 I hope that I do not regret this decision. I have applied to go back to college and looking forward to spending time with hubby and kids. I have joined this villiage to learn from others on budgeting and frugal living..... I am the worlds worst. So does anyone think I am crazy? LOL I am scared but think we will make it with alot of commitment and praying.

**lcgaston** · 11-12-2005, 01:43 AM

SSG...you're NOT crazy. I left a company after 20 years, paid down debt with what assets I had, and have been delighted to see my spouse and kids every day for extended periods. Life is more than bucks in the bank, and if you can pay off everything but the mortgage, then its worth it.

**hollyhill** · 11-12-2005, 02:22 AM

Welcome.
And I don't think your crazy! There are a lot of people here who live on one income or less! It would take a long time to save $37 grand to pay off debts. Now you can start with a clean slate. If yoy do jump on the frugal bandwagon you will find that you can do just fine with alot less.
One caution though. I don't know how your taxes work. But keep in mind any taxes that you may have to pay on a lump sum like that! Or you maybe in for a shock.

**rebecca** · 11-12-2005, 03:03 AM

Welcome To FV!

**SSGWilkesWife** · 11-12-2005, 05:09 AM

Company is taxing before pay out is received.... I was aware of that.

**halo475** · 11-12-2005, 08:18 AM

I think if you are dedicated to the frugal lifestyle, your payoff will bemuch more than financial-your family will benefit greatly

Welcome to the Village!!

**pammy** · 11-12-2005, 08:30 AM

Hi Paulette and Welcome! That's some package, I woulda went for it, too! That's a brave step. Sounds like you've done your homework and have a good plan in motion, good for you. And I agree with the others, you will find you can still do pretty well with a lot less. Read up here, you'll be amazed.

Welcome aboard!

**Mojjo** · 11-12-2005, 09:04 AM

With a package like that DH would be staying home. It's a great opportunity for you and yours to live life by your priorities.

Congrats and welcome. This site is great for ideas and motivation.

**AmyBoz** · 11-12-2005, 09:40 AM

Sounds like a good plan! I look forward to reading about your frugal journey!

**kmsinsa** · 11-12-2005, 10:10 AM

Hi!

You're not crazy...sounds like a great plan and a great opportunity. Welcome to FV

**Emerald_Mommy** · 11-12-2005, 10:11 AM

Paulette! I think I would have done exactly what you are doing if I were in your shoes. Good luck with your new plan!

**PrairieRose** · 11-12-2005, 12:22 PM

Hi there! Welcome to the FV!

I think you're doing just what I would do, esp. with the description of your job. You can so do this if you make up your mind to be frugal.....and it's not that hard. Just start with the small things first and read, read, read. We're all here to cheer you on and answer any questions you may have. Jump right in!

**Mom23boys** · 11-12-2005, 01:02 PM

Hello and welcome!

I don't think your crazy at all! I think it sounds like you and your DH have talked this out and will make it work. There are alot of great threads here to help jump start your frugal juices flowing!

**SMILESFRSD** · 11-12-2005, 01:46 PM

This is an awesome opportunity in my eyes. I just git laid off Oct 3rd called back to start working Nov. 7 & laid off again as of Nov. 15, but did not get any of the benefits your getting, as a matter of fact all I got was a thank you. Being a SAHM has been the best job I have had. Good Luck to you.

**canadian gardener** · 11-12-2005, 01:48 PM

great idea! Good thinking!

One caution, don't try to do everything you see here at once. Start with the stuff you know you can manage, and then try some new things, then some more.

Just give yourself room to experiment and grow and yes even make some mistakes along the frugal learning curve.

it's all part of the process.

and welcome!!!! glad you could join us!