Back on Valentine's Day, the Hubby found out he would be losing his job. It's a crappy thing to go through and even crappier when you have to find out on a holiday. But, luckily we were given advance notice and that he would have his job till mid-May.
We immediately went into planning mode and strategized about how we would get through this, considering his job was our only source of income. We cancelled our Netflix account, dropped the internet from our cell phone plan and lowered the heat, among other things.
We had three months to get our finances in order before we'd be living on unemplyment, which would be half of our normal income. We had already been super focused on paying off the balance on our last major credit card, but we kicked it up a notch or two.
At first I thought we'd be better off just putting our extra cash to savings and keeping that for when the Hubby's job ended and we were just getting by on the unemployment income. But, we thought about it some more and realized we'd be in a much better situation with this debt eliminated and one less bill to worry about.
I'm sooo thankful we went that route. We had just paid off our car loan early and then had that credit card paid off, so it was two less bills to worry about! So much stress was lifted off our shoulders!
Unemployment is a real eye-opener with debt. The more you have, the harder life is. When you eliminate or greatly reduce the amount of debt you have, you're freeing yourself... and your finances.
We're incredibly grateful that the Hubby landed an awesome job after being unemployed for just five weeks. Too many people these days have been unable to find employment for a year or longer.
So, the Hubby has been at his new job for three weeks now and we're still trying to get all caught up with our finances. Not that any of our bills are late, because they aren't. I just want to get more ahead on them and we have to get our savings fired up.
We always had a portion of the Hubby's check directly sent to our savings account, but while he was on unemployment, we weren't able to spare anything for savings, so we have to make up for that. So we've increased the amount that we save from each check, which should get us back on track soon enough!
Next up: Time to tackle debt on a few store credit cards