Looking for advice in case I loose work

[Maromi]

Hello, I am looking for some advice on what I should do if I loose my job. I heard a rumor there's gonna be a big WFR recently.
I have a large sum of money saved up, about 5 paychecks worth.
I'm curious if I should continue my budget, reduce my budget, or go all out and stock up on everything at once and just post up.
Trying to find some ideas to be prepared. I hate working enough as it is, but every corner is WFR rumors, being overworked, then all my co-workers all used up all of their PTO already (something like 2-4 weeks worth) and I've only taken off about 3 days.

I hate to mention but I am also pretty bad with spending and saving money.

 

[littrt22]

I would get a part time job until u find a new job like mowing lawns cleaning pool tutoring something like that to hold u over

 

[Magicalgirl101]

Whats WFR? Do you mean remote work?

 

[littlemoosey]

Yes to all the above,

1. reduce your budget
2. get your resume in order and start looking for a new job.
3. Definitely reduce your spending
4. Stocking up... its not a world war... although the inflation is a problem. I would not put all my available funds on the pantry shelf.

As with anything it takes discipline.

Sorry you have to go through this.

 

[littlemoosey]

Whats WFR? Do you mean remote work?

Work force reduction

 

[ElPulpo]

There are some signs that a recession is brewing, though you never know how it turns out later. My take may be fallacious since I do not own a crystal ball, but I assume a worsening economy for about one year, which is more or less a typical duration of a recession. The silver lining is that recessions do not last forever. Somewhen next year things should lighten up again. This might coincide with the upcoming election. Independent of politics, a new administration often provides new optimism because it might get things done in the forthcoming four years which were difficult to pull through towards the end of the previous ones.

I would not calculate my wealth in paychecks but in monthly expenditure, which may or may not be similar. Personally, I would not consider 5 months survival a large sum of money. I would keep at least one year's worth of money, if possible.

I would not recommend to stock up, but in case you are determined to do so, focus on things that are cheap, nutritious and unperishable. Dried legumes come close in several aspects. They won't tear a big hole in your budget, but they can keep you alive even after several years of storage. Sure, there is more delicious stuff, but they are meant as a means of bare survival. In case you run completely out of money you shan't be picky.

The most important point, however, is to secure a constant positive cash flow. If you can find one (or more) jobs that are more reliable, go for them. If you are able to enhance your chances for better jobs, work on it.

Consider educating yourself. There's the concept of the "talent stack" - you'll probably never be the best in any of your talents, but if you combine several talents each of which you are just good enough at, your personal combination may become indispensable. Useful talents may include IT, writing, lecturing, teaching, but that depends heavily on your profession and skill set.
And do something about spending and saving money. In short, don't do the former, unless it's vital or can be considered an investment.

This is my personal opinion, I don't know if it's of any use for you. Best wishes.

 

[mightytoddler]

Hello, I am looking for some advice on what I should do if I loose my job. I heard a rumor there's gonna be a big WFR recently.
I have a large sum of money saved up, about 5 paychecks worth.
I'm curious if I should continue my budget, reduce my budget, or go all out and stock up on everything at once and just post up.
Trying to find some ideas to be prepared. I hate working enough as it is, but every corner is WFR rumors, being overworked, then all my co-workers all used up all of their PTO already (something like 2-4 weeks worth) and I've only taken off about 3 days.

I hate to mention but I am also pretty bad with spending and saving money.

Always keep a minimum of 3 months rent stashed away as we all know to many are one paycheck to homelessness . I’ve been told always have 12 months of canned and dry foods stashed back enough to sustain yourself or others within your family . Family is who you choose to be not necessarily your blood family . Always keep cash stashed back for emergency’s . I recently read a large majority live pay check to paycheck and if things go sideways you’re in trouble . Some get in your situation and spend on un needed things to feel better . It’s a psychological response but don’t get yourself in unneeded debt . Be strong try and plan ahead I know it’s hard to see that fat pile of cash and not want to buy something to make things seem better . Keep us informed as we’re pretty much one big family we littles . Much love to you

 

[SeniorMan]

I am sorry to hear that you are considering losing your job. That can be a very stressful and uncertain situation. I hope you can find some helpful advice and support from me and others.

Based on some web searches, here are some steps you can take if you lose your job:

• Process your feelings. You may experience various emotions, such as sadness, anger, relief or anxiety. It’s normal and healthy to acknowledge these feelings and seek help.
• Tell people. You should inform your family or anyone who depends on you about your situation. Be honest and discuss your plans and any changes you need to make. Contact your friends and network for emotional support or job leads.

Apply for unemployment. If you qualify for unemployment benefits, you should apply through your state’s Department of Labor website as soon as possible. This can help you cover some of your expenses while you look for a new job.

• Review your health insurance options. You may be able to continue your employer-provided coverage for a limited time through COBRA, but you will have to pay the entire premium. Alternatively, you can look for other health insurance plans through your spouse, the marketplace or other sources.
• Create a budget. You should review your income and expenses and create a realistic budget to help you save money and avoid debt. You may need to cut down on some non-essential spending or find ways to increase your income, such as selling items or doing freelance work.
• Update your resume and online profile. You should ensure your resume and online profile reflect your most recent skills and achievements. You can also ask for recommendations or endorsements from former colleagues or managers.
• Start looking for a new job. You should use various methods to search for new opportunities, such as online job boards, networking events, referrals or career fairs. You should also tailor your resume and cover letter to each position you apply for and prepare for interviews.
• Seek professional help. If you feel overwhelmed or depressed by your situation, you may benefit from seeking professional help from a counsellor or therapist. They can provide you with coping strategies and emotional support.

I hope these steps can help you prepare for the possibility of losing your job or coping with it if it happens. Remember that losing a job is not the end of the world, and many resources and people can help you get through this difficult time.