This morning, like many mornings over the past 7 weeks, I looked at our bank balance hoping that maybe, just maybe, this week my wife’s unemployment check would be there. and it was. 7 weeks worth of claims. Our understanding is the additional Federal money should be there Saturday. My wife earns more than I do, so she is the primary wage earner in the house. We were fortunate to have tried to save some money over the past several years in the hopes that maybe we could take a little vacation in the future. All that is gone, and if not for the $1200 stimulus checks a few weeks ago, we would have been tapped out, with nothing left, forced to start taking out retirement money that had already taken a 40% hit. To say this has been a stressful time, on the heels of losing both of my in-laws a few week prior to all this is an understatement.
2 days ago she found out that about 1/3 of the people she worked with were laid off with no intention to rehire at the moment. They have all been on furlough with the hopes the states would only be shut down for at most a few weeks. She works for a large company and I get it that they can’t carry everyone indefinitely. It is a really bad time for everyone, some of these people have over 30 years with the company, and now they are faced with finding work as an older person in an economy where everyone is scrambling for anything to survive.
We are cutting back every expense we have and digging in for what is to come. The latest 3 trillion dollar package they are floating around Washington will eventually come with a bill to be paid. One thing certainly that this has shown is all of the political talk about let businesses pay for everything is not a sound plan. Small to medium size businesses are folding, larger businesses are taking a hit that it will take years to recover from. That well dried up in less than 2 months. My best advice to anyone going through their first layoff is to save anything you get. There is no guarantee that the money will keep coming. Buy your necessities when you can, shop smart, avoid making the big purchases. There is no telling what the rest of the year will bring.