What to do? Job loss

[Hokies2379]

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@Anonymous wrote:

As of right now, no I am not and they surely don't know as this happened a few days ago. 

I am still going to put employed and list my salary on the application. Anything else would be borderline denial and that would be the opposite of what I want, lol. 

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This is considered bank fraud and is a felony. I wouldn't suggest doing this. While the chances of being caught are very slim, you don't want to be the one that DOES get caught.

[Anonymous]

Is the concept of an emergency savings account lost on so many people? OP I'm sorry to hear of your job loss but please take this opportunity as a learning experience, admit that you were not prepared, and once you get on your feet, #1 priority is building an emergency savings account. I have worked my share of low paying jobs and had to make sacrifices to build a savings cushion; you can as well.

I also strongly advise against committing a felony and lying on your application. It's not worth it.

[Anonymous]

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@Anonymous wrote:

Is the concept of an emergency savings account lost on so many people? OP I'm sorry to hear of your job loss but please take this opportunity as a learning experience, admit that you were not prepared, and once you get on your feet, #1 priority is building an emergency savings account. I have worked my share of low paying jobs and had to make sacrifices to build a savings cushion; you can as well.

I also strongly advise against committing a felony and lying on your application. It's not worth it.

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Agreed about not lying on the credit card application and building up an emergency saving.

On the other hand, if you don't have (or have already exhausted) emergency saving, and what keeps you between having a roof over your head while looking for job and being homeless is putting charges on your credit cards... do what you gotta do. Everyone here has stated the fact and given their advices. Make your informed choice, OP.

Hope you get a new job soon. Best of luck.

[Hokies2379]

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@Anonymous wrote:

Is the concept of an emergency savings account lost on so many people? OP I'm sorry to hear of your job loss but please take this opportunity as a learning experience, admit that you were not prepared, and once you get on your feet, #1 priority is building an emergency savings account. I have worked my share of low paying jobs and had to make sacrifices to build a savings cushion; you can as well.

I also strongly advise against committing a felony and lying on your application. It's not worth it.

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Easier said than done. 

[Anonymous]

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@Anonymous wrote:

Is the concept of an emergency savings account lost on so many people? OP I'm sorry to hear of your job loss but please take this opportunity as a learning experience, admit that you were not prepared, and once you get on your feet, #1 priority is building an emergency savings account. I have worked my share of low paying jobs and had to make sacrifices to build a savings cushion; you can as well.

I also strongly advise against committing a felony and lying on your application. It's not worth it.

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Telling you, these days it is much different. But I don't entirely blame OP.

at 23k a year gross, after taxes at a lower bracket, you're looking at 19,550 a year and with rent being $500 a month at $6000 a year that's 13550/12= 1,129.

Let's be generous and say $500 includes utilities + waste

that's 1,129 left to spend a month. Not bad right?

But than you throw in possible car payments / transportation expenses. 

you throw in cell phone and internet bills

you throw in groceries

you throw in clothing misc expenses

what is left to save after the consumer age we live in these days?

It's mind boggling but even when I have no cash flow coming in I still have $$ leaving my bank account into a Roth I can't touch.

That said, I wouldn't say Op is to blame entirely.

lying on app is bad yes

House of cards is what it is

[Anonymous]

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@LadyJEsq wrote:

Let's stop using it's "human nature" as an excuse for bad behavior. Science has long since proved that we are in control of our behavior. 

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OT, but not sure what that means (i.e. what is the alternative hypothesis) or how it would be tested.

[Anonymous]

At 23K a year there should be no car payment (used old car in cash, bike, or public transport), no Internet (library), no cell phone other than a basic prepaid for emergency use, no new clothing other than required for work (Goodwill), until the emergency fund is established. And even then.

Its entirely possible if you set your mind to it. I worked plenty of time around $10/hr while supporting myself and keeping a bit in savings. It's hard, and it should be a temporary predicament, but it can be done.

[FinStar]

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@Anonymous wrote:

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@LadyJEsq wrote:

Let's stop using it's "human nature" as an excuse for bad behavior. Science has long since proved that we are in control of our behavior. 

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OT, but not sure what that means (i.e. what is the alternative hypothesis) or how it would be tested.

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Right.  I'm curious as well LTL.  Maybe LadyEsq is an actual scientist besides the handle moniker?

[Hokies2379]

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@Anonymous wrote:
At 23K a year there should be no car payment (used old car in cash, bike, or public transport), no Internet (library), no cell phone other than a basic prepaid for emergency use, no new clothing other than required for work (Goodwill), until the emergency fund is established. And even then.

Its entirely possible if you set your mind to it. I worked plenty of time around $10/hr while supporting myself and keeping a bit in savings. It's hard, and it should be a temporary predicament, but it can be done.

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I'd rather just live my life.  But I get what you're saying. 

I can tell you that even at a HH income over over 125k, we'd NEVER EVER be able to get 6 months worth of emergency savings. With 4 kids, it'll never happen.

[Anonymous]

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@Anonymous wrote:
At 23K a year there should be no car payment (used old car in cash, bike, or public transport), no Internet (library), no cell phone other than a basic prepaid for emergency use, no new clothing other than required for work (Goodwill), until the emergency fund is established. And even then.

Its entirely possible if you set your mind to it. I worked plenty of time around $10/hr while supporting myself and keeping a bit in savings. It's hard, and it should be a temporary predicament, but it can be done.

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Oh, I completely agree with you except as someone whose seen the younger generation (hs/college) and what their bank account looks like and what they spend on it, and ccs if they have it, I can tell you it's harder to do than you say. 

But I guess that's where the generation needs a swing in a different direction no? They should be shown that not having the latest iPhone doesn't equal the end of the world.  That you don't need to have the latest and coolest clothes--not just from the mall but from chic boutiques around the world via the Internet.