What to do? Job loss

[Anonymous]

If you keep telling yourself that then of course you won't ever get six months of savings. I don't know what your lifestyle is like, and I imagine it's tough with 4 kids, but I don't associate "living life" with new clothes, cars, dining out all the time, etc. I've had tough times and today things are easier with a generous household income but we prefer to live simply (on less than half what we earn) and focus on the things that maximize happiness. And if we lost some of our income it wouldn't bother us to cut back on lifestyle temporarily.

Good luck to you though :-)

[Hokies2379]

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@Anonymous wrote:
If you keep telling yourself that then of course you won't ever get six months of savings. I don't know what your lifestyle is like, and I imagine it's tough with 4 kids, but I don't associate "living life" with new clothes, cars, dining out all the time, etc. I've had tough times and today things are easier with a generous household income but we prefer to live simply (on less than half what we earn) and focus on the things that maximize happiness. And if we lost some of our income it wouldn't bother us to cut back on lifestyle temporarily.

Good luck to you though :-)

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Add in, doing things for and with my kids, helping out charities and being able to do things for friends and family that they can't do for themselves, and that is exactly what I associate life with. 

Everyone is different, I guess I just didn't like the tone of expecting this person or everyone to follow the same rules you do.  Oh well.

[Anonymous]

It's survival and basic protection for yourself and your family. When you fly in an airplane, they tell you: put your own oxygen mask on first before helping others. Charity, experiences with family, friends, helping people... all great, noble life goals which I too share. But it's unfortunate if a basic insurance policy of six months emergency expenses takes a backseat to all of that, and God forbid someone experiences a loss in income or unexpected medical bill, and you go into debt to pay it.

I'm not saying slash all discretionary spending forever. I am just saying... protect yourself first so you do not get into the OP's situation.

[Hokies2379]

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@Anonymous wrote:
It's survival and basic protection for yourself and your family. When you fly in an airplane, they tell you: put your own oxygen mask on first before helping others. Charity, experiences with family, friends, helping people... all great, noble life goals which I too share. But it's unfortunate if a basic insurance policy of six months emergency expenses takes a backseat to all of that, and God forbid someone experiences a loss in income or unexpected medical bill, and you go into debt to pay it.

I'm not saying slash all discretionary spending forever. I am just saying... protect yourself first so you do not get into the OP's situation.

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I'm glad that it works for you.

[core]

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@Anonymous wrote:

you throw in clothing misc expenses

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He just recently lost his job.  Presumably he was not going to work naked before.  If so, that's a terrible job to lose!

[Hokies2379]

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@core wrote:

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@Anonymous wrote:

you throw in clothing misc expenses

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He just recently lost his job.  Presumably he was not going to work naked before.  If so, that's a terrible job to lose!

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this wins myfico.

[Imperfectfuture]

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@Anonymous wrote:

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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

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When I lost my job in 2008, went from 2500 to 1k per month.  About the same rent, and higher expenses.  I cut out car, and some other stuff.  I now make a bit more than OP, but not by tons.  I still find money to invest, and have my savings building, along with 4 financial accounts.  Know what you can afford.  If you can not afford the apartment and car, move to where (I have now downgraded, minimalism) to cheaper apartment with much better mass transit.  Between bus and uber, I spend less than liability only insurance per month, not counting registration, maintenance, parking, and car payment.  Cut out what you do not need.  You need shelter, food, and a way to stay warm (utilities).  Everything else is not essential, though you think it is.  I will say, if you can, everyone need Internet, but should not be relying on cell phone for main connection.  Much cheaper to get internet with basic TV, have router, and minimal data plan.  Just hook the phones up to wifi when at home.  YMMV, but I do not know if OP is serious, due to the name.

[ttleigh]

Op, you should just consider listing "none" as employer but list your year to date income plus whatever you think you will get on unemployment. i have a job but have also listed none on my applications just because I didn't want a credit card calling my employer ever. If they want proof I have always figured I would give them a pay stub or just forget it if they insist on calling. I have never been denied based on putting none.

[elim]

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@ttleigh wrote:
Op, you should just consider listing "none" as employer but list your year to date income plus whatever you think you will get on unemployment. i have a job but have also listed none on my applications just because I didn't want a credit card calling my employer ever. If they want proof I have always figured I would give them a pay stub or just forget it if they insist on calling. I have never been denied based on putting none.

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  shame it's Jan 4th.  

[Anonymous]

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@ttleigh wrote:
Op, you should just consider listing "none" as employer but list your year to date income plus whatever you think you will get on unemployment. i have a job but have also listed none on my applications just because I didn't want a credit card calling my employer ever. If they want proof I have always figured I would give them a pay stub or just forget it if they insist on calling. I have never been denied based on putting none.

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Hmm... There is usually a selection between "Employed" and "Unemployed", but if the application doesn't have that and just has the box to fill in Employer name then I think this is perfectly legal. They probably can't sue you (in BK court) for putting "None" as employer and YTD income (which you will have a W2 for) as your income, can they?

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@elim wrote:

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@ttleigh wrote:
.

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  shame it's Jan 4th.  

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I still haven't gotten my December paycheck yet. I *think*  my YTD income at the moment would be paychecks at the end of Feb-Dec. But I see what you meant lol