Advice for someone with uncertain job situation

mps1 · **Joined:** Mon Aug 13, 2012 1:44 pm **Posts:** 1

Hi,

Would appreciate your advice on my situation. I'm 31, earning $53K/year, married (wife is training for a job but not earning at the moment). Debts are $39K in student loans (<2% interest) + $3.5K car. Savings are ~$20K in an ING account + $8K in an investment account through my employer. I'm currently able to save about $1-1.5K/month.

The problem is that my employment propects may change next year. I have been told that next year (spring/summer) there will be layoffs and I may be among them, being less experienced than my coworkers. If I get laid off I am not sure how long it will take to find another job. With that in mind, what would you recommend is my best course of action? I was planning to just continue putting savings in my ING account but wanted to get some advice. Thanks

fantasma · **Joined:** Wed Oct 07, 2009 4:16 pm **Posts:** 949

Start cutting unnecessary costs now! Look refresh your resume and start looking for another job now!

You could also look for a part time right now....

DoingHomework · **Joined:** Wed Sep 23, 2009 9:01 am **Posts:** 4487

Do what Fantasma said:

1. Immediately start cutting out all unnecessary expenses
2. Save as much as you can and keep it in cash
3. Start sending out resumes and looking for a new job.

It is always easier to find a new job when you already have one. Don't wait to get laid off before you start looking.

Tightwad · **Joined:** Mon Nov 01, 2010 5:15 pm **Posts:** 955

When will your wife start bringing home a paycheck?

I agree with the others...be proactive on all fronts!

Savarel · **Joined:** Tue Mar 23, 2010 3:31 pm **Posts:** 356

Yep. Hoard cash and look for another job.

What are the prospects of getting another job? Do you have marketable skills or are you probably looking at long unemployment?

Capo · **Joined:** Sat May 14, 2011 9:44 am **Posts:** 115

DoingHomework wrote:

Do what Fantasma said:

1. Immediately start cutting out all unnecessary expenses
2. Save as much as you can and keep it in cash
3. Start sending out resumes and looking for a new job.

It is always easier to find a new job when you already have one. Don't wait to get laid off before you start looking.

I agree with HW's points. I'd add #4 as "Wife starts looking for a job ASAP." I would start cutting my budget now as well, do not wait until you lose your job. Save as much as is humanly possible and keep it liquid.

Once you land a new job (hopefully before you get laid off), you can then readjust your budget. But the others are correct, you have a much better chance at finding a job if you already have one.

LjnBai · **Joined:** Wed Aug 15, 2012 6:40 pm **Posts:** 2

Hi, have you read Robert Kiyosaki's book? There is no such thing as job security anymore.
In the meantime of looking for a job, you should start something for your future.

Advice for someone with uncertain job situation

Who is online