May 29, 2011

What If? - Case No. 1 - Unemployment

In between my posts on the Tightwad Gazette II, I am going to post possible case scenarios.  It is my hope that it will start a discussion in your families or at the very least get you to thinking about what you will do.  Many times we don't want to think about the bumps in the road of life and we would rather stick our heads in the sand and deny the possibility of these situations happening to us.  So, let's face those fears head on and brain storm what we will do.  Here is the first case scenario:



You are a one income family and the sole income provider has become unemployed.   It is estimated he/she will be out of work for 6 to 9 months. 

How will you survive?  Take stock of what food you have on hand, what money you have in your bank accounts and how much unemployment checks you will receive.  Make a plan.

4 comments:

Phoebe said...

Well we are 2 income and if 1 of us lost our job right now. We'd be in a big big mess. That is why I read this blog along with the cuttingbackkitchen.com. You guys are awesome.

Kris Watson said...

I am single, work pretty much part time (involuntarily) and use the rest of my time to provide for myself through self-reliance (garden, canning, dehydrating, scavenging, etc.

As an independent contractor making approximately $300 a week (gross, not net), I have no unemployment insurance, health insurance, and am responsible for my own federal and state taxes, as well as both halves of my Social Security.

My house is seven years from being paid off, at which time, if it is still solvent, I will go on Social Security and retire.

UNLESS....Obamacare destroys the health care industry of which I am a part (medical transcriptionist, and I am out of a job before that time. At that point, I would probably have to move in with a family member. My savings is basically a jar of change on the counter, and there is no retirement fund at all. I was supposed to remain happily married, and he would provide for me. Except --- not.

Maureen said...

I think i might just about get through the week :)

You know how much I admire and envy your pantry

Juhli said...

I also think that we could think about the possibility of the sole (or 1) earner becoming disable and unable to go back to work for some time or ever. That happens a lot more frequently than we like to think. So for me, plan A is for temporary unemployment and plan B is for long-term disability.