opportunity knocks
I got laid off on Monday. My company needed to streamline the staff and eliminated two positions - one of them was mine. I’ll receive severance pay.
Before today, I’d already sent out a few feeler emails and updated my resume. I was looking at the front door, because I could tell that they wouldn’t need me much longer, and it would have been difficult to negotiate the salary I deserve. I wasn’t going to leave until I had my next job lined up, but I had planned on waiting until after the holidays to ramp up my efforts. However, this lay off is just the fuel I needed to get started a little early.
This does not change my holiday spending budget.
This does change my debt repayment plan. I’m going to pay the minimum balances from now until I secure another steady source of income.
This also changes my hopes for retirement saving. Because the amount I’ve had withheld is small, I may take the balance minus taxes. If I had even four figures withheld, the situation might be different. But every little bit helps, and right now, it’s all about cash flow. If you disagree, let me know, and explain why - I’m not too sure about this decision to take the money versus a rollover.
Another change? I’d anticipated saving for the house in large sums starting in January, even with a possible job switch. That plan is tabled until I’m employed again.
Also, I have health coverage until the end of January. I’m going to take the gamble and turn down COBRA for February. I actually have confidence in the market - I’m hoping to be employed full time by then in at a minimum, a transitional position (6 months to a year) with benefits (and a likely raise). I can re-evaluate my health coverage decision by then.
How am I feeling? Pretty good! First of all, I get a vacation of sorts. My bills are all paid. My old credit card balance is so small in comparison to what it was this time last year. I get to take my oath as an attorney on Tuesday and my bar membership card is not far behind. Oh - and I’ve already submitted my resume for a job listing I saw. My resume is online, too. I don’t waste time. I may also finally go look for that part-time job… We’ll see about that one.
The goal: to get a full time job before my severance runs out and not have to touch my small emergency fund or apply for unemployment, while keeping my credit stellar and not getting into any more debt. Hopefully, I’ll get to keep some of that severance pay in my own savings (Oh the possibilities! I could ice the old cc debt and/or contribute to my house fund.)
So maybe I didn’t leave on my own terms. But at least I’m on my way to my next opportunity. I’m feeling optimistic.
Oh yeah - gotta say this - living below your means is the hotness! I can’t imagine how much this would bite if I had any more bills than I have now. My expenses are lower now than they’ve been in years. I’m sharing living expenses. My minimums on debt are not overwhelming. Life is good.
