Sunday, January 31, 2010

Preparing for a lay off

My wife may be losing her job, she works for a small wholesale company and recently some big guys have moved and really started taking business away.

Her boss, the owner of the company does not seem too optimistic about their chances so we are going to take a little time and prepare for the worse.

In recent months we have adjusted our lifestyle to basically be able to live off my income, it is a little tight but it is doable, and we have been using her income to pay off bills.

It is a strategy that has been working very well, but I am going to tweak it a bit.

I keep 1000 dollars in a savings account for emergencies, I am going to at least double that, maybe triple, before I get back into out full blown debt reduction plan.

My job is pretty safe, as far as I know, and Will be getting a raise in April, plus we have large income tax refund coming in February.

So it should not be too bad especially since we have been trying to get my wife home more anyway.

I just wanted it to be on our terms but things don't always go that way.

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