Wednesday, December 11, 2013

How to Handle Getting Laid Off

If you want to read what I've done to stretch out my funds to keep my family afloat, skip this and scroll down

I and seven other were pulled into the department manager's office. There was some small talk about what we'll be doing for the weekend, and some status updates about various projects; however, the manager was looking as if she was holding back some news. It was at this point that I knew something was amiss, and my instincts were correct. 

We were told that our last day was Friday, and that we are now being transferred to the temp department for the company. Many of the people teared up, along with the manager, but I felt oddly calm. I never been in this situation before. Any job that I had, I left on my own terms. I was never fired or laid off, but this was different. 

Now, after the whole shock of losing my job wore off, I need to make a plan of action. As you may know, I have a toddler and my wife who is now pregnant. We had plans for the next year with our budget and what we wish to accomplish, but now those plans are gone. I no longer have a steady paycheck or benefits. This is the same situation anyone who lost their job is feeling. The "I lost my job and can't pay my bills."

Thankfully, I have enough resources to last me until mid January. I do have a side business doing consulting and selling items online that pulls in a few extra dollars. I can still cut expenses. 

So now you know what my current situation is. My goal, since I now have so much free time, is to blog what and how I will cope with this life changing event. My goal is to either find new employment or move my business from part time hustle to a full time endeavour. I hope you join in for the ride of a life time.

But you are not reading this just for a sob story. Here is what I've done so far to handle with change of losing my job:

Ten Things I did when I got laid off:

  1. I looked at my YNAB reports to see any and all spending trends since March 13. I identified areas that we were spending money in that could be cut back.
  2. Called up my internet company and reduced our broadband from 40Mbps to 20Mbps saving 30 dollars.
  3. We are withdrawing only 100 dollars per month to spend in three very basic categories: Groceries, Household supplies, and blow. We normally spend around 600 dollars in this area, so we are now only spending 400 dollars. We reduced spending by 200 dollars or 33%.
  4. Thankfully, I am not upside down in my car loan, so I am researching how to sell a car with a loan. This would save 160 dollars per month (payment and insurance).
  5. We are cutting Hulu and I bought an antenna to get free television. 
  6. I am looking at doing some freelance work at various freelance websites.
  7. I am learning how to cook.
  8. I am learning Python programming language.
  9. I am offering free training in QuickBooks and QuickBooks Point of Sale
  10. I am relying on Stoicism and faith a lot more. (I know, it is an odd combination!) 

This is just a rough list that I've done, everyone is different. If you have any advice or comments feel free to share!
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