Have any of you figured out the cost, if one of you, were to be laid off. I decided it was time I researched the numbers and worked out an "Emergency Budget" in case one of us lost our jobs. Unemployment insurance would be 55% of current salary, so I figured out what that would be for me, added that number with hubby's wages and compared it to the "Emergency Budget". It turns out, we would be $426.42 short. My SUV payments will be done in April of 2012, the finance was with 0% interest and the payments are $600.21 a month. So, we wouldn't have a short fall if one of us got laid off a year from now. If I were to get laid off tomorrow, the $426.42 x 8 months equals $3411.36, plus I believe Unemployment Insurance payments don't start to arrive until roughly 6 weeks, from last day worked, so that means an extra $3,085 (6 weeks of income) the grand total min needed inside of our emergency fund /accessible funds needs to be: $6,496.36. I'm relieved to know that we already have that amount, should we ever need it.
Hubby's truck payment is $210 a month and that will be finished in 4 years. I don't expect too many people know when they will be laid off, that far in advance, so I'm glad I took the time to research it out now. I hope we are fortunate enough to never lose our jobs, but by being prepared, we definately lessen the stress, I'm sure that would come with the loss of a job.
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