Preparing for a short layoff

[Anonymous]

The restaurant I work for is going to be doing some extensive remodeling soon which will leave me jobless for a couple of weeks followed by a couple weeks of training on the new menu, wine list, and service. Training doesn't pay anywhere near what I usually make. 

I'm now of course on a hardcore saving regime, basically not spending a dime on anything but food and bills, but what else can I do in the meantime to ensure this is an easy month off rather than a total financial meltdown? I'm not really worried about not being able to pay for stuff, I'll still be able to cover rent (which is the main expense), I'm just worried what could happen to my poor new Discover card if I have to violate its $4k CL. I don't want to deal with paying down another $3k in debt so I want to minize that possibility.

Kind of a vague question, I know. :/ 

[haulingthescoreup]

What's your balance on it now?

You're not anticipating $4K worth of expenses in 4-5 weeks, are you?

(I hope your unasked-for vacation is a short one.)

[RobertEG]

Call Discover and talk to them.  They can reach agreement for reduced min payments based on short term situations, without dinging your CR for lates.

I am sure they will work with you for a month of so, but dont BS them, and live by what you negoatiate.

[Jazzzy]

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@RobertEG wrote:

Call Discover and talk to them.  They can reach agreement for reduced min payments based on short term situations, without dinging your CR for lates.

I am sure they will work with you for a month of so, but dont BS them, and live by what you negoatiate.

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To the OP...

Be aware that negotiating a lower payment with a cc company or going on a type of hardship program with a reduced interest rate can have FICO consequences. I've read stories here about people who, in good faith, asked their cc company for help with payments or interest. They then lived up to their end of the new agreement and made their payments diligently...only to find out that the cc company made a notation on their reports of paying less than agreed. They were not informed up front that this was going to happen and end up disappointed that a move they made to preserve their credit actually backfired and ruined their credit.

Tread carefully.

[Anonymous]

Too bad about being layed off, but at least it's short (that you know of) and you are preparing!

One thing I recommend, if possible, is to put your cable/internet and/or cell phone and/or landline on hold (keep at least one mode of communication, but the more you can reduce the better for bills).

Another thing...realize you won't be eating out so get together some fun recipes to try out at home that aren't super expensive.

Start looking into activities you can do with your time off - camping isn't super expensive, or hiking, or other fun and cheap things (yes, I realize it's March, but I don't know where you live).

Finally, make yourself a strict budget, build in $10 a week for mad money and don't worry too much if you have to use your CC, that's what it's for...just charge as little as possible and don't tell them WHY you are charging, they might be more worried if you say you are jobless than if you just carry a balance for a month or two.

(Another suggestion - since you have food service experience, what about looking somewhere else for another job?)

good luck!

[Anonymous]

Erm... I think some of you may have misunderstood, and I could have titled this thread better. lol

I didn't lose my job. The restaurant I work at is being remodeled and switching to a new style of food. This is basically a month long unpaid vacation. Where I'm concerned is that other than what I can scrape up in the next couple of months, I'm going into this without any savings. 

Thinking about it more last night I figure as long as I go into May or whenever it ends up being with an extra month worth of rent I'll be fine. Everything else can go on my cards and be paid off within another month or two after we reopen.

I think I just kind of panicked, to be honest. haha