What would you do if you or your husband lost his/your job? Keep going with every day activities? Cut back everything that isn't essential? Somewhere in between?
Someone I ran into yesterday is in this exact situation. Lost income. But, yet, children still in preschool 3 days a week, daughter in ballet, son in karate, gym membership, etc. I don't know their situation, which is why I didn't chat with them about it, but it got me thinking about what WE would do.
E and I have enough saved up to supplement us with his income for 8 months. But, I can guarantee that we would not be living the same way in those 8 mths (if we needed that long). Sorry, Olivia, but you'd be out of ballet...and both of you kiddos would be yanked out of preschool. I'd definitely be trying to pick up more hours at work. I think that we could definitely stretch those 8 mths into several more by cutting back on those things and others like eating out and movie rentals, etc. Maybe its E's personality rubbing onto me, maybe its our old financial peace class giving me perspective, I'm not sure.
Anyway, it just gave me something to think about last night... Unfortunately, it COULD happen to any of us. Its happening all of the time lately.
3 comments:
I agree with you. The only thing I can think is that maybe those things were already paid for and cannot be refunded? Like our gym membership was paid a year in advance and can't be refunded. Bethany's dance is usually paid for by the term -- so like 3 months at a time.
We would absolutely change they way we lived if something like that happened. But I guess it depends on what you have saved and your priorities!
Yeah, we'd have to cut things and cut them quick. I probably wouldn't even go to playdates so I could save on gas. With 2 mortgages we'd be in major trouble after only a few months if we lost D's income.
If we lost DH's income we'd be in trouble FAST because we do not have the reserved saved up like you do. We are trying to pay down CC debt and Student Loans, so our savings are minimal. Therefore, I'd have to go through our budget like Death with a scythe and cut out anything that wasn't a necessity.
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