Job Loss and Financial Worries
Question: My husband’s company is downsizing and his hours are going to be cut. It is only a matter of time before his position is cut completely. We are worried about our finances and what will happen to us.
Answer: First off you need to have a clear picture of how much money you owe and how much you are making. It is a shock to me when I realize how many people don’t know the answer to this question.
Next, right now I want you to put away your credit cards and debit. I recommend switching to cash using the envelope system. Make a list of all bills and have an envelope for each one. Each pay put the money in the envelope and pay the bill. Have an envelope for entertainment and stick to it.
Next step is to have your husband list his skills and passions. Now is the time to take training courses or switch careers before his job is cut. Make a list of his strengths and interests, take a career test.
Something else you may want to do is to call the bank or mortgage company and see if your mortgage is coming up for renewal. It may be easier to renew now while your husband is employed, than when his job is reduced or cut.
Always think ahead, if you hear your company is about to have layoffs or cuts, renew your resume and list your strengths. This is the time to make changes; it’s much easier now than after the fact.