Since 2015, my family and I have endured three significant job losses. Both times my husband’s job was eliminated, we were without the main source of our family’s income.
Navigating those first few weeks of unexpected unemployment necessitated a shift in spending, saving, and our overall financial outlook.
First Thing’s First
Before we could even think about the financial ramifications of my husband’s job loss; we had to pause and talk about the emotions of the situation.
Unemployment was something that had never previously happened to my husband. He is a hard worker, honest, conscientious, a veteran, and knowledgeable in his field.
Losing his job felt like a sucker punch. I learned that the very first step on this journey is providing your spouse or significant other with the reassurance of your love and emotional support.
The Big Picture
After taking time to process the emotions of being newly unemployed, we took inventory of the recurring expenditures we had and determined which financial resources would be used to pay them.
Absolutely Must Be Paid
For our family, the “must be paid” category included the mortgage payment, property taxes, insurance, and credit card bills. We prioritized these bills and paid them in full every month.
I called or met with service providers; told them about the job loss and was able to negotiate reduced monthly payments on medical bills, utilities, school tuition, cellphones, and internet charges.