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!
Potential Layoffs
January 24th, 2013 at 02:13 pm
January 24th, 2013 at 02:21 pm 1359037281
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.
January 24th, 2013 at 02:44 pm 1359038649
January 24th, 2013 at 04:02 pm 1359043326
January 25th, 2013 at 02:33 am 1359081188
January 28th, 2013 at 09:18 am 1359364684
Jerry