Husband Laid Off!
My husband was recently laid off from his job and I am devastated.
How did you manage if you were ever laid off? What things can we do to keep our sanity? We just bought a new home a year ago and was in the process of remodeling the home that we had lived in. We now have two mortgages and no savings which was exhausted doing mainly the kitchen remodel. We hope to rent the first home very soon. Houses are not selling right now and we can no longer afford to keep it vacant.
I am very afraid, my hair is falling out and I cry myself to sleep at night. We did not see this coming.
He is applying for a new job but so far nothing. He worked in the engineering dept of his company...he was in charge of them. The company was in a financial slump and had to let go several employees and started at the top. I am getting very worried. He will get 3 more checks (was laid off in early November. Both of our families are not in a position to help us.
My friends have helped me with food expenses. We can't buy anything for Christmas for anyone. I am learning to be frugal and wish that I had started a long time ago.
He had been on this job for 15 years and we were financially very comfortable, but the savings was exhausted with the remodel and the additional mortgage payment.
Please share experiences on how you survived a lay-off or give me advice. I am working a full-time job(age 59) and don't make much money. We just thought that after we completed the first home that we could sell and hopefully profit enough to put money back into savings. Houses aren't selling right now...so we need to rent. That won't put money into savings but the mortage payment would be paid. We had no clue that we would also be out of a job.