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Potential Layoffs

January 24th, 2013 at 06:13 am

DH's company had a big meeting yesterday and the company announced that layoffs are coming. It's mostly going to be middle-level managers, which my DH is not. But, we are not panicked. For one thing, DH doesn't think he will be laid off since he's the only one that does his particular job.

But secondly, we feel prepared now for a layoff. We have our emergency fund in place. If DH were to get laid off, he would get about 4 months of severance pay on top of our 6 month emergency fund. Sure, money would be tight and it would suck, but we could probably make it 10 months without having to go into debt.

Two years ago, or even last year, I would have been more worried about potential layoffs. I highly recommend having an emergency fund, for peace of mind!

5 Responses to “Potential Layoffs”

  1. laura Says:

    It is definitely great to have a plan and that helps to make things far less scary. We were faced with a potential lay-off several times in the past and each time, I sat down at the drawing board and revised the plan yet again. We're now preparing for a voluntary income reduction so DH can return to school. So, I agree: an emergency fund = peace of mind.

  2. SecretarySaving Says:

    I agree with you having an emergency fund is the way to go!

  3. PNW Mom Says:

    Way to go!

  4. FrugalTexan75 Says:

    Yep, when I was laid off a number of years ago, my EF and other savings helped me to not feel *too* panicked and gave me time to make decisions about my future.

  5. Jerry Says:

    Sorry to read about the impending layoffs, but you are SO right... having the insurance of an EF makes all the difference, and leads to some peace of mind even when things are going awry. I hope he doesn't get laid off, and that you can continue to stock that EF and not deplete it! Good luck...

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