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"He lost his job." In today's economy, job loss is not uncommon, but it's still a thought we dread most, especially when we have a young family to support and he's the family's sole breadwinner. Don't panic! Take a deep breath and slowly count to ten. As you exhale slowly, consider the following steps towards survival and recovery.
1. Review your expenses and cut back on unnecessary expenditures such as dining out in fine cuisine and/or luxury shopping. Postpone any plans to buy big-ticket items such as holidays, car, jewellery or even adding to your investment portfolio. Spend on bare necessities and spare yourself a budget for hanging out, because friends may be the emotional support you need to get through this.
2. Appoint the financial controller at home for the accessing and spending of your 3-months contingency funds. Side note: Do you have a 3-months contingency fun? You really should have some money put away for bad times.
3. As you do the above, keep your eyes open for another income opportunity. Don't shut the door to any kind opportunity, including one that requires role reversal. The wife may have a skill that is in greater demand in the market and so a role reversal might be required. Leave ego at the door and allow room for compromise.
4. In the event of job opportunity becoming scarce for either partner, even after a prolonged search, and you have depleted your savings account, don't panic. There can still be a way to get through it. Let family and friends, or the state even, to help you get back on your feet.
5. When all hope seems lost, remember that nothing we own or anything we earn is never guaranteed. The best asset we have is our human capital. We must be confident that if there is a will, there is a way.
Job loss can hit anyone, even our family. It's always great to be prepared for the stormy weather. Keep a 3-month contingency plan. Keep your relationship strong and healthy, because a strong marriage can survive anything, even a dent in the family finance.
