I'm starting to get nervous about hubby getting laid off, so it's time to get out the scalpel and see what I can cut.
The big one is food. We eat out a lot just because we are too harried to cook. I laid out my first weekly meal plan on Sunday (first in I don't know how long), and did all the grocery shopping on Monday (forgot coupons-- working on that). So far, it's going great.
We had
meatloaf and carrots on Monday
stuffed pasta shells, salad, and garlic bread last night
tonight, chicken fajitas, tomorrow, bratwurst, Friday baked ham and cheese potatoes.
We are always running to the grocery store because we don't have something. I'm tired of wasting time running to the store, so it's once a week plus the Saturday farm pick up from now on.
And next week, I'll actually clip the darn coupons.
We're also cancelling cable. And I'm going to just not buy anything that isn't absolutely essential.
And, buy used before buying new, etc.
I won't give up the Y membership though, as we really do use it-- me to workout, kids for swimming and cheap swim lessons. We use it so much.
The construction work on my office has been delayed, and not I'm wondering if I should try to do part of it myself. Like put the insulation in the wall and start hanging drywall. I guess I'm just afraid to mess it up. And, I know I can't drywall the ceiling all by myself. My contractor friend doesn't charge that much, so I'm wondering if I'd really just be giving myself a cheapache at this point.
The possibility of me taking on more work will have to wait until fall, when both the kids finally are old enough to go to preschool 3 mornings a week (essential-- for my work, can't cut it!). I'm already swamped with assignments, which I know if a good problem to have, but it's exhausting considering I have to do most of my work at night when the kids are sleeping...
If you have any more advice on how to prepare for a possible layoff? Should I keep concentrating on paying off debt or put more into savings? We could maybe live for 9 months on our savings, paying all of our bills, not counting my freelance income, which would continue.
What can I cut....
June 6th, 2012 at 01:57 pm
June 6th, 2012 at 02:10 pm 1338991811
If I were in your shoes, I'd shift extra cash from debt payoff toward savings. Obviously, continue to meet your minimum obligations, and save the rest.
It seems as if he should be able to find something before your 9 month reserves are tapped, but maybe not replace current income in the short-term.
June 6th, 2012 at 02:12 pm 1338991963
June 6th, 2012 at 02:36 pm 1338993370
One coupon tip from a very lazy couponer who doesn't get the paper: If you have brand loyalties (whether because they're the cheapest, the best-tasting or the healthiest), Google for coupons on those. It takes less than 10 minutes and quite often you can find printable coupons online. Last week we saved over $5 just by taking a few minutes to Google products that were on the grocery list anyway.
June 6th, 2012 at 02:42 pm 1338993751
June 6th, 2012 at 02:43 pm 1338993824
Do the boys have anything they've outgrown that you can sell? I love that cash in hand!
June 6th, 2012 at 03:00 pm 1338994855
June 6th, 2012 at 03:27 pm 1338996446
If you can identify the worst day[s] it helps to use your slo cooker/crockpot so that dinner takes care of itself. Try making a bigger meal for Sunday dinner to form the base for Tues. 'planover' that turns leftovers into something else. For example baked chicken & rice on Sunday becomes Spanish rice or Paella or Pilaf on Tues.
If Monday is often the day that everything runs behind, it's great to have assembled ingredients in a container for fridge while finishing Sunday dinner. Alternatively, make your meatloaf in a muffin tin and pop it into the oven while Sunday's chicken dinner bakes but reduce time for re-heating Monday.
Friday is always 'Left-over Buffet' here. Containers are set out for family to pick & choose. If there's not enough, I get a package of Pita bread to use as a base for home made, personal pizzas. Omelets, Fajitas, Chowder, Tetrazzini, Pot Pie, Ragout, Enchiladas or Quiche are easy, inexpensive use-it-ups for leftovers.
June 6th, 2012 at 03:29 pm 1338996546
I'm in the camp that says save and save hard immediately. Hopefully DH will get some severance and also be eligible for UI.
June 6th, 2012 at 03:29 pm 1338996577
EDIT: snafu beat me to it! Ha!
June 6th, 2012 at 04:39 pm 1339000790
Have you looked at minor things, like your telephone? Can you cut things like caller ID, call waiting, long distance. Or your cell phone program?
If your husband does get laid off, talk to your car insurance company. Since he'll be driving less you might get a break there.
June 6th, 2012 at 06:43 pm 1339008181
June 6th, 2012 at 06:58 pm 1339009119
June 6th, 2012 at 07:40 pm 1339011651
I'd skip contributions to college funds until job status is firm. You also need to look at how retirement funds are managed/controlled should job loss occur. The penalties and tax consequences are horrendous if they are deemed 'cashed-in.'
All the research confirms that most jobs are not advertised. A lot of positions are filled by word-of-mouth, that is someone at the firm hiring mentions/contacts someone they know for the job. DH needs to be pro-active with an up-to-date, polished Resume to shop around. Everyone you know needs to be aware that DH's current position is likely to be outsourced. 2ndly, DH needs to get all the information he can assemble about UI. His eligibility, likely income, when it becomes effective, impact of any severance/holiday pay, how many weeks of eligibility or any special factors in your region.
I know it sounds boring but the more planning that goes into the problem, the less fear and lower stress level for you both. Prayers your way for a good outcome and suggestions attempting to be helpful.
June 7th, 2012 at 12:23 am 1339028610
I'd like to think outside the box a bit and assess your neighborhood. Treat it like a geographic pantry. In addition to the basics, I run through my routine and see what I can and cannot do strictly from the neighborhood. When times are tight, the less you spend on gas (for anything, not just the commute) the better.
June 7th, 2012 at 12:51 am 1339030265
http://www.creditfyi.com/Credit-Library/How-To-Prepare-For-A-Possible-Layoff.htm
Also, why not have a big garage sale to drum up extra cash you'll surely need.
I would also start tracking every expense and looking at the category totals monthly to help you find waste in your budget.
This would be a really strategic time to apply for a home equity line of credit. Rates are very low, and you don't have to use the money if you don't need to, but would be there as a kind of lifeboat if you absolutely needed the money and had nowhere else to get it. Once hubby is laid off, you won't qualify for the loan.
June 7th, 2012 at 12:55 am 1339030527
June 7th, 2012 at 02:26 am 1339035995
June 10th, 2012 at 10:46 pm 1339368407
Jerry
June 10th, 2012 at 10:47 pm 1339368448
June 11th, 2012 at 02:06 am 1339380399
June 18th, 2012 at 07:11 pm 1340046701