Just found out...

[Amina516]

..that hubbys losing his job.... His office is closing and theyre offering two options but neither are really viable for us (offices that are hella far from here).

Im honestly worried. I think we can make it on my salary and I can try to pick up some hours, but im worried. I dont think Ill sleep tonight.

He stops working in March. I dont know how unemployment works. My hubbys checks are always based on sales so theyre variable. Im not too sure how that'll figures out.

Virtual love appreciated. I'm kinda scared.

[Aethian]

Hope your making out a budget for your salary alone and am putting his away for the gap between jobs.

Don't worry babe, things will get better.

[Amina516]

Ill start on a budget. Im never good at these things to be honest.

Maybe this'll be his chance to start school if things go well.

[KellyHabersham]

*will keep good thoughts for you guys*

[RavenStarr]

I know how you feel. My husband only recently went back to work after being laid off close to a year. I know how scary it can be. Some advice from someone who's been there:

1. Do not panic, I know you are scared right now but things will get better.

2. Have your husband see about drawing unemployment.

3. When starting a budget, one of the things to consider is needs vs wants. Sit down and write a list with wants on one side needs on the other. This will help you make wise choices most of the time. You and hubby should do this together.

4 There are a lot of websites that have advice on saving money on things like grocery, utilities, getting the best mileage in gas.

5 See about signing up for assistence.


Good luck and things will get better.

[Der Cute]

The day he leaves work is the day he files for unemployment.
Depending on your state laws, he may be eligible immediately for UI if it's a layoff. Please remember though that due to backlog of claims/filings, it takes more than a week to make a decision. So the money (if authorized) probably won't land in your lap immediately.

If he knows he's leaving in March, have him go to the HR department YESTERDAY and ask about assistance with job placement. Often, due to layoffs/closings, this is offered as a benefit for people who're losing theirs. So see if the HR department can help him (yeah really) find a job!

Get the resume spiffed up NOW. Start looking NOW. I don't know how sales are going in your area - so that may be a field to look into OR it might not be one. Does he have a degree/education to fall back on?

Take one day off in the very near future PTO, and go to the Unemployment office. Find people there to help him spiff up said resume, ask about how to find /read stats on finding jobs (which fields are hiring) and also if they've got any job fairs coming up. If he's got a degree in, oh, horse mucking, and works now in sales, find out if anyone else is hiring for horse mucking.

RavenStarr's #3 and #4 are right on - and don't overlook #5. There is nothing wrong with Foodstamps or TANF/Welfare. Not the most fun paperwork to do, but you gotta eat. Don't put this crud off til end of March, either.

My honey went through a class in the summer last year. He postponed looking for work in that field (he was already employed at a gas station) and has lost a few opportunities on the way. It's dried up even more now, to where he's looking @ physical labor vs. office work...and is leaning towards carpet cleaning to help make ends meet. Point: DO NOT PROCRASTINATE.

Hugs, and the health field never shrinks,

Cutenoob

[tropicsgoddess]

I don't have a lot to say on this unfortunately, but I can give plenty of virtual for you and hubby.

[MaggieTheCat]

Just reiterating what Cutenoob said about looking for a job for him now. You've got at least a month, maybe a bit more (depending on when in March his last day is) which isn't a ton of time, but at least his company didn't say, "we're downsizing, sorry, seeya" and that's it.

Take a deep breath and relax for a minute. It'll be okay! We're all here for you. There's been some good advice given already. Keep us updated.

[trailerparkmedic]

I know it's hard, but if at all possible save a little of the unemployment checks your husband gets. They're taxable but I don't think they withhold taxes on them. My boyfriend owed a bunch of tax a few years ago.

Call everyone you owe money to-car payments, mortgage, credit card companies-and explain that your husband is being laid off and see if they can help with a skipped payment or something.

[McGoddess09]

*LOTSA HUGS*

I can't tell you much more than what other people have said. They have all been right on the money.

[Der Cute]

I know it's hard, but if at all possible save a little of the unemployment checks your husband gets. They're taxable but I don't think they withhold taxes on them. My boyfriend owed a bunch of tax a few years ago.

In 2009, the first $200? of unemployment $ was/is untaxable. Now in 2010, I am not sure, Karl or IRS would know.

But YOU CAN request 10% (flat rate) be withheld from each unemployment check. I do this as a habit, to not owe money later.

As for the other advice on being late on cars/cards...depends on your savings and such. Unemployment can reach towards $400/week check (Some people I know have had that, depends on state and how much work!) so you may be able to make ends meet for while.

Just get on the job ball. Yeah, I know. And NETWORK WITH EVERYONE YOU WORKED WITH!!

Don't forget Monster.com, Dice.com, Craigslist, and of course LinkedIn.

Cutenoob

[trailerparkmedic]

But YOU CAN request 10% (flat rate) be withheld from each unemployment check. I do this as a habit, to not owe money later.

Thanks for letting me know that. I wasn't sure if it was an oversight on my boyfriend's part or just how things worked.

As for the other advice on being late on cars/cards..

I'm not trying to advocate skipping payments. I just know from experience (working at a credit card call center, boyfriend's multiple layoffs, being hit by a hurricane) that if you call before you're late and explain that something crazy has happened to you, you can often rearrange your finances at no penalty to you. My boyfriend's bank will move two payments on his car to the end of the loan; Toyota will do the same thing for one payment (friends worked on collections accounts). Credit card companies often have a "hardship" program where you can skip a payment or two with no affect on your account. The important thing is to do this BEFORE you're late. I tell everyone about this because I had no idea you could ask for these sorts of things before I started working for the credit card company. I'm certainly not qualified to actually give financial advice!

[taxguykarl]

In 2009, the first $200? of unemployment $ was/is untaxable. Now in 2010, I am not sure, Karl or IRS would know.

But YOU CAN request 10% (flat rate) be withheld from each unemployment check. I do this as a habit, to not owe money later.

The first $2400 is untaxable. I do recommend withholding the typical 10% plus whatever your state rate is (3% in Illinois FWIW).