It was a tense time for sure. My dad was the sole provider for our family. My parents had 3 teenagers to support, including one about to enter college.
Finding work proved to be difficult for my dad, as he had no experience with computers. My mom had a college degree, but hadn't worked in 18+ years. She decided to go back to school to learn computers and get some refresher courses. She re-entered the workforce at age 50. My dad was out of work for about a year, and finally got another job that didn't pay nearly the same as his old job.
My parents never talked to us kids about our money situation, and only recently I asked my mom how we survived that period. At the time my dad was laid off, my parents had no debt. No mortgage, no car loans, no debt. Period. They managed not to accumulate any debt during that period by living off my dad's severance, their savings and very careful budgeting. Looking back, I'm amazed that they made it through without going into debt.
We had always lived on a very small budget when I was a kid, but things were even tighter during this period. I wouldn't wish this situation on anyone. But, living through a layoff as a kid has made me want to be prepared as an adult for the same situation.
My husband and I have so far been lucky in the layoff department. Both of us have worked for companies through layoffs and were spared multiple times. But, that doesn't mean we are immune to layoffs in the future. And now that my husband is our main provider, it still makes us nervous that his company is about to announce some major layoffs next week.
I wish we were in as good a position as my parents were, but we're not. However, we're not totally unprepared. We've talked about how we would survive a layoff, and we have a layered plan to keep afloat. We've talked about what spending cuts we would make, things we could sell and ways to earn extra money. We have sworn off any new debt, even 0% debt. My husband keeps in touch with many of his old co-workers, so networking after a layoff would not be awkward.
Our "layoff preparation plan" is not perfect, but it has given me peace of mind to know that if it happens, we will get through it.
Have you been through a layoff? Do you feel prepared if you were to get laid off?
After Gerard's lay off a couple of years ago we have reworked how we manage our budget. It can be very hard. I think the biggest issue remains the loss of healthcare especially when you have children.
ReplyDeleteAfter Gerard's lay off a couple of years ago we have reworked how we manage our budget. It can be very hard. I think the biggest issue remains the loss of healthcare especially when you have children.
ReplyDeleteI lost my job and was out of work for almost a year. It was completely unexpected and we were completely unprepared. It was a horrible day. The same year just a couple of months later my husband had to close his failing business. Sounds awful but that year gave us sn opportunity to spend time together like we never had before, I drove my daughter to school AND picked her up which my long commuted never allowed. I joined FB which allowed me to connect with people from all stages of my life. While we are still digging out 4+yrs later I'm grateful for that time.
ReplyDeleteI lost my job and was out of work for almost a year. It was completely unexpected and we were completely unprepared. It was a horrible day. The same year just a couple of months later my husband had to close his failing business. Sounds awful but that year gave us sn opportunity to spend time together like we never had before, I drove my daughter to school AND picked her up which my long commuted never allowed. I joined FB which allowed me to connect with people from all stages of my life. While we are still digging out 4+yrs later I'm grateful for that time.
ReplyDeleteMy husband has been in the Air Force the entire time we've been married, and plans to retire from the AF in about 12-15 years (he's been in for nine years). I haven't worked outside of my home since my son was little, in 2007. We DO have debt, but we also have savings, and have outlined different plans for things we would do if my husband were ever forced to leave the Air Force. Where we are right now, it's easy to find jobs, so we wouldn't be without jobs, we might just have jobs that don't pay as well. Our bare bones budget could be done on a minimum wage job, and that's always our goal. I always worry anytime they talk about cutting military jobs, or force cross training in my husband's field.
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