QOTW.......Hard times.........

iVillage Member
Registered: 05-21-2003
QOTW.......Hard times.........
Wed, 01-14-2009 - 3:06pm

What would you do if you really fell on hard times? I know there are a few of us out there with this scary experience. If, God forbid, the key breadwinner was suddenly out of work or disabled...what would you do?

For those who have had this experience first hand (or are living it now), would you like to share your strategies? What worked--what didn't? What did you learn from your experience?

All the rest of us--do you have a strategy lined up in the event the worse befell? What could you do to raise money quickly? Do you have three months of income saved? Would you turn an asset into cash? What things would you cut from your current expenses?

Any thoughts?



iVillage Member
Registered: 05-18-2006
Wed, 01-14-2009 - 3:26pm
Kelly, first I already am substituting and seriously looking into getting my teaching credential just in case dh got laid off.

iVillage Member
Registered: 05-20-2005
Wed, 01-14-2009 - 5:20pm

I really don't know what we'd do.

iVillage Member
Registered: 12-03-2007
Wed, 01-14-2009 - 5:23pm

Right now we live off of my income alone and save all of DH's, so if DH lost his job we would just keep doing what we're doing mostly, cutting back a little maybe to have some of my income for savings.


iVillage Member
Registered: 03-27-2003
Thu, 01-15-2009 - 8:33am

We have several months of expenses in savings, so we would be ok for a while. If I lost my job, we'd be ok (I work part-time and we made it ok while I was a sahm for six years). If dh lost his job, I could pick up at least a few more hours at work (not sure how many). A big problem would be that all of our insurance, etc. is through dh's job. We've always said our final back-up plan would be to sell our house. Now that the housing market stinks, I'm not sure what we could get for our house, but even getting less than normal value, we have enough equity that we could pay off our mortgage and buy a small bungalow outright. We started out in a 950-square-foot house, before dd, and though it would be a little cramped now that we've "expanded" into a larger space, it would be doable, of course.

iVillage Member
Registered: 09-12-2004
Thu, 01-15-2009 - 10:16am

Well if DH lost his job- I guess I would go get one.

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iVillage Member
Registered: 03-03-2004
Thu, 01-15-2009 - 10:46am

DH's company is doing more lay-offs (they have done them annually for the past few years) and DH thinks he might be affected.

Avatar for monkeesmom
iVillage Member
Registered: 03-27-2003
Thu, 01-15-2009 - 10:55am

We do have 3 months of living expenses, and then some, in savings. At the present time, the only debt we


iVillage Member
Registered: 05-14-2006
Thu, 01-15-2009 - 11:07am

iVillage Member
Registered: 10-01-2007
Thu, 01-15-2009 - 11:18am

hmmmmm if DH were to get laid off, we would be up the creek without a paddle. We only have 106.?? in savings seeing as that is what I used for moving. I would be pretty pissed seeing as we moved 600 miles away from family. Here is what I would do after I stopped gripping:

1. Get rid of cable, completely cut out more towards debt, find a job....2. I have a pretty good stock pile of pantry items so live off of that for a while. 3. Sell what I can on the internet. 4. I guess sell my jewerly, which is like 3 things LOL 5. Cut my heat, I mean way down, enough to not get us sick. Watch how we use our utilities. 6. Then if all else fails borrow money from family.

We are not prepared for something like that to happen. I pray that we never will have to see that.

Oh yeah and make DH go back into the stable military :)))


iVillage Member
Registered: 12-11-2005
Fri, 01-16-2009 - 6:17pm

Right now, I teach at a virtual academy while my DH stays home with the kids and uses his GI bill to go to school full time. If something were to happen to me, he would go back into the Navy (he's talking now about going active reserves anyways, just to keep the door more open. His inactive reserve time is up in November, so we'll see).

If something were to happen to him, I would continue teaching.

We do not have lot in savings, only a few hundred dollars, it is definitely something we are working on this year.

We do have some things we could sell to raise money quickly if necessary.

We would cut a lot from our budget if this happened.

We are paying a lot of money right now for high speed internet (almost 100 a month) because we live in the boonies and there aren't other options for high speed. My DH is going to school online, and I work at a virtual academy, so we both have a need for the Internet. If something happened to either of us, we'd likely drop this service and try to make dial up work.

We would drop our tv service.

We would spend less whenever we could.

We would drop our roadside assistance

We would limit/cut our cell phone services.