Comments on: Preparing for a worst-case scenario

By: Jamie

Jamie — Wed, 17 Dec 2008 18:17:06 +0000

(First time commenter)
We recently had a job-loss scare and everything you wrote about went through my mind. I started with the least priority stuff – eating out, onstar, entertainment, cable, my daughter’s dance lessons, internet & cutting back on certain food. We have a newer SUV and are still making payments, so that would have to go – we could take the bus if we have to go out. We’ve lived very frugal and pretty tight for the last 12 years so we don’t have much of a savings. Instead, we have given all of our extra money to our kids’ savings accounts for college. If we had to tap into that we could but I would be guilt ridden.

Luckily, my husband was spared this time but that did not stop me from re-evaluating what we spend. I’ve promised myself that I have to get a better savings going. Thanks for inspiring me!

BTW- saw you live in the burgh – me too.

Jamie’s last blog post..Crafts & Stuff

By: Leanne

Leanne — Sat, 13 Dec 2008 00:25:20 +0000

Just a thought on your car front… rather than selling your current car and taking the $1000 to buy a total beater, you might consider proactively selling your current car, and applying the $1000 to a less expensive car (we recently purchased a 10 year old Honda for about $4000, and it’s in great shape; I’m not sure we could say the same about something that came a lot cheaper!) That way, you’re probably cutting your monthly car payment, plus your monthly insurance, because the car isn’t quite so nice, but you’re not risking major increases in repair and maintenance costs…

By: Kacie

Kacie — Mon, 08 Dec 2008 22:14:41 +0000

Oh dear. That’s rougher than rough. I’m really sorry you’re having to go through all of this right now. It sounds like you’re doing the absolute best you can, and you should be proud of your efforts! You’re doing a great job, despite your awful circumstances.

I hope that things will get better for you and your family soon.

By: Heather

Heather — Mon, 08 Dec 2008 15:35:20 +0000

I feel like I’m boring everyone with my story, because I think I’ve told it so many times….We’ve been doing this. We had a huge medical expense in March and then my husband lost his job. He’s working a part-time min-wage job right now, because that’s all he’s been able to find.

Unfortunately, we have much higher expenses than usual because we have to be on COBRA insurance from my husband’s old job – it’s much higher than even our rent. We had ongoing medical expenses and just when we were about to get something much cheaper, I got pregnant so now we can’t switch until the baby is born.

We cut everything else. We got the student loans deferred. We’ve probably spent about $100 a month in groceries by eating from our stockpile and buying all we can with gift cards, at CVS, etc. Our entertainment is staying home and playing with our one-year-old. With no daily commute, our gas spending plummeted. I have a part time job and they pay for my internet and cell phone because I need both to work from home.

We’re moving in with my parents in another city next week. We’re hoping the job market is better in a bigger city. We also won’t have to pay rent, utilities, or renter’s insurance. They will even feed us, though we want to help out when my husband finds a job. When the cell phone contract is up in March, we’ll probably get a prepaid phone to share between us. Our expenses are going to be health insurance, car insurance, gas, and major crazy savings!! My parents have kindly offered to let us stay as long as we need to, but we’re hoping a job is just around the corner and this will be temporary.

By: Monday Roundup and Links | Bible Money Matters

Monday Roundup and Links | Bible Money Matters — Mon, 08 Dec 2008 13:20:51 +0000

[...] Preparing for a worst case scenario [...]

By: Adam

Adam — Fri, 05 Dec 2008 04:26:40 +0000

It is a scary thing to think about and you are one of the few that actually plan for it.As a worst case, you can usually find a minimum wage job even it was part time while you were getting back on your feet.It sure makes you sleep a lot better a night knowing you can make it a minimum of 6 months and longer with the cuts you mention above.Adam's last blog post..Opportunities…. Do You Take Them?

By: What would we do in a financial emergency? — Living Well on Less

What would we do in a financial emergency? — Living Well on Less — Thu, 04 Dec 2008 13:04:11 +0000

[...] Kacie at Sense to Save wrote about what she would do in a financial worse case scenario like a job loss or sudden medical expenses. I’ve actually been thinking about this a lot [...]

By: Curious Cat Investing Blog

Curious Cat Investing Blog — Thu, 04 Dec 2008 04:55:37 +0000

I think this is a good exercise. Hopefully you won't have to implement it but it is a good thing to think about. I couldn't cut the internet, myself. One good reason to think about it is many people have things they could cut back on without much trouble. And maybe thinking about the worst case will make you realize cutting back some things now to build up some additional cash will mean you can keep your internet if things get bad.Curious Cat Investing Blog's last blog post..USA Manufacturing Output Continues to Increase (over the long term)

By: ColleenM

ColleenM — Thu, 04 Dec 2008 03:11:20 +0000

Kacie, this just happened to us. My husband was laid off in September. We have made a lot of cut backs including going down to one car.
Another thing that has helped us get by is that we applied for free/reduced lunch at our daughters’ school. That saves us about $15 a week on groceries. Our girls enjoy eating a school lunch – previously we allowed them to buy lunch once a week only so this is a big treat to them!

By: Karen

Karen — Thu, 04 Dec 2008 01:35:13 +0000

I've actually been thinking about this a lot lately. I think now more than ever it's important to have a financial backup plan.Check out my blog tomorrow if you want to see what we'd cut. :)Karen's last blog post..Online or in-store shopping: which is more frugal?