For those of you who have ever lost their job

**carolyns** · 02-16-2006, 10:30 AM

Hello, all. My husband has a very good job and makes pretty good money. However, when his contract is up in about a year, chances are he will lose his job. I have this time to plan for this to happen. What is the best advice that you can give besides start saving now. Is there anything else I need to know to better plan to get us through this time? He has started his own business, but we do not know how this is going to pan out. (Has not gone all that great so far, but just starting....) I am in the process of paying off all the debt (besides mortgage), but I doubt we will be able to keep the house because of the mortgage payment at that point. Is there a way to pay the mortgage in advance to get ahead a year or so? Any advice would be greatly appreciated! You always have such good advice.

**homesteadmamma** · 02-16-2006, 10:36 AM

Here is a thread I did over a year ago in regards to this. Not only did dh lose his job, we also had one whole month with no income.

From riches to rags and then back again

A few tips:

~start a stockpile and continue building it over the next year. When it comes time he doesn't have a job, you won't have to worry about purchasing groceries and such.
~put as much money away as you can.
~if you have any debts, pay them off if you can.
~in regards to your mortgage - I'm not sure about paying it ahead. What I would do though is take the money you would use to pay ahead and put it into a savings account that you can't touch. Then that payment is there should he be without a job.
~live below your income in every area you can
~it may sound radical, however don't spend anything you don't have to

HTH

I'm sure there will be lots more good info to come.

**leeleeaub** · 02-16-2006, 10:46 AM

Start saving and cutting back everyway you can. Start a savings account and add something to it every chance you get no matter how small. If you are able to take a part time job and take the money from that and put it in the savings account. If you have a freezer when something is on sale really cheap buy it and put it in the freezer. I will continue to think on this one.