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Some days things just plain suck.

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by , 01-30-2009 at 12:26 PM (926 Views)
Yesterday dh comes home and tells me there was an emergency meeting at work. There are potential layoffs.

His boss is meeting with the head of reman operations in the next few weeks and more decisions will be made. Right now this plant is in good standing. For now.

It's very scary! Dh says if they can weather the storm over the next 3 months, they should be ok, that's when agriculture stuff starts kicking in and will up their productivity in that area and will carry them over the summer, then back to the what ifs.

Now this leaves me very stressed. I want to pay off debt as quickly as possible, but to me, it almost makes more sense to create a larger EF, that will cover the mortgage for several months. If I have the mortgage money covered, I know everything else will be fine. I earn enough to cover everything else including debt repayment. So for me, I'd love 6 months mortgage payments saved up, then focus on the debt more.

Then I KNOW we'll make it. But at the same time, the debt isn't going away. I find this all very very stressful. I am not sure what the best course of action is.

Obviously less debt means less payments. However, I can't cover mortgage and utilities and food and remaining payments alone. Yes, dh would get some money in severance and unemployment, but there's a 2 month wait. It's obviously less than what he earns. I want a better cushion. I might cut my snowball in 1/2 and put the rest in savings.

I'm going to sit with the numbers and do what I can.

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Updated 01-30-2009 at 12:27 PM by mommy4ever

Categories
Debt Reduction , Savings

Comments

  1. CrazyCat's Avatar
    I think the wisest course of action would be to build up the EF. With the situation at hand, I would feel more secure in knowing where I live was safe from foreclosure. JMPO~!
  2. porembam's Avatar
    I agree with crazycat. You need to save up your ef because then you will be prepared and not dig a deeper hole
    in case the worse case should happen
  3. dcompton's Avatar
    I would go with the EF. We hate to think of bills waiting, but you have to provide food and shelter. You will sleep easier with a cushion in savings.