SO: If you have a nanny do you save 6 months of her salary for her in case you are unemployed?

[Anonymous]

So maybe I am doing this wrong.

Should I be saving extra money to pay the nanny in case I become unemployed.

Should I save 6 months of her salary?

[Anonymous]

Save 3-6 months of ALL your living expenses including child are if you will need childcare to be able to focus on a job search.

[Anonymous]

The question is - if you are unemployed, do you intend to keep your childcare going? If the answer is YES, then you need to plan for it. If NO, then you have to be ok with taking the risk that you will need to fire and rehire.

The end.

[Anonymous]

Anonymous wrote:Save 3-6 months of ALL your living expenses including child are if you will need childcare to be able to focus on a job search.

Agree. And you should have enough to weather a temporary furlough at bare minimum.

[Anonymous]

How come corporations don't do this for their workers?

[Anonymous]

Anonymous wrote:So maybe I am doing this wrong.

Should I be saving extra money to pay the nanny in case I become unemployed.

Should I save 6 months of her salary?

It all depends.
How much you do earn, OP?

[Anonymous]

Anonymous wrote:How come corporations don't do this for their workers?

+1

excellent point. also, anyone taking a job working for an individual and not a corporation realizes the risks involved here and is willing to take these risks, as they are inherent to the type of position. I am not talking just nannies... do you think if someone worked as a personal assistant for someone who then lost their job that the personal assistant would still have a job? no of course not. the personal assistant would be let go. MAYBE they would get a week or two notice, but in tough times you do what you have to do.

and yes or course it is smart to have a safety net of funds saved for a rainy day, but it is also smart to cut costs when times get tough - and childcare is one of them, unfortunately.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How come corporations don't do this for their workers?

+1

excellent point. also, anyone taking a job working for an individual and not a corporation realizes the risks involved here and is willing to take these risks, as they are inherent to the type of position. I am not talking just nannies... do you think if someone worked as a personal assistant for someone who then lost their job that the personal assistant would still have a job? no of course not. the personal assistant would be let go. MAYBE they would get a week or two notice, but in tough times you do what you have to do.

and yes or course it is smart to have a safety net of funds saved for a rainy day, but it is also smart to cut costs when times get tough - and childcare is one of them, unfortunately.

I worked as an assistant to a realtor a while back. when the housing market fell she didn't have enough business and cut my hours. it was disappointing because I loved the work but I understood that of course she could not keep me around full time if she was struggling herself. I loved working with her but realized that was the risk when you worked for an individual - if she wanted to up and move to Hawaii she had the right to do so - if she doesn't make money neither do I - there was no job security. since I am not that risk averse I left to work for a company instead of an individual.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How come corporations don't do this for their workers?

+1

excellent point. also, anyone taking a job working for an individual and not a corporation realizes the risks involved here and is willing to take these risks, as they are inherent to the type of position. I am not talking just nannies... do you think if someone worked as a personal assistant for someone who then lost their job that the personal assistant would still have a job? no of course not. the personal assistant would be let go. MAYBE they would get a week or two notice, but in tough times you do what you have to do.

and yes or course it is smart to have a safety net of funds saved for a rainy day, but it is also smart to cut costs when times get tough - and childcare is one of them, unfortunately.

Sorry, childcare and the mortgage are not on the table when I'm cutting costs. Either I need to be ready to work at a moment's notice, like after the shutdown, or I need to have the flexibility to look for work. If you don't make enough money to save six months of expenses, including child care, you probably can't afford a nanny. (Personal assistant should get two weeks notice if you are a decent human being.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How come corporations don't do this for their workers?

+1

excellent point. also, anyone taking a job working for an individual and not a corporation realizes the risks involved here and is willing to take these risks, as they are inherent to the type of position. I am not talking just nannies... do you think if someone worked as a personal assistant for someone who then lost their job that the personal assistant would still have a job? no of course not. the personal assistant would be let go. MAYBE they would get a week or two notice, but in tough times you do what you have to do.

and yes or course it is smart to have a safety net of funds saved for a rainy day, but it is also smart to cut costs when times get tough - and childcare is one of them, unfortunately.

Sorry, childcare and the mortgage are not on the table when I'm cutting costs. Either I need to be ready to work at a moment's notice, like after the shutdown, or I need to have the flexibility to look for work. If you don't make enough money to save six months of expenses, including child care, you probably can't afford a nanny. (Personal assistant should get two weeks notice if you are a decent human being.)

Logically this doesn't make sense but emotionally maybe.

Logically if you are NOT working then you will be watching the kids therefore it would be one of the first things to cut.

[Anonymous]

Anonymous wrote:So maybe I am doing this wrong.

Should I be saving extra money to pay the nanny in case I become unemployed.

Should I save 6 months of her salary?

Why would you need a nanny if you don't have a job?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How come corporations don't do this for their workers?

+1

excellent point. also, anyone taking a job working for an individual and not a corporation realizes the risks involved here and is willing to take these risks, as they are inherent to the type of position. I am not talking just nannies... do you think if someone worked as a personal assistant for someone who then lost their job that the personal assistant would still have a job? no of course not. the personal assistant would be let go. MAYBE they would get a week or two notice, but in tough times you do what you have to do.

and yes or course it is smart to have a safety net of funds saved for a rainy day, but it is also smart to cut costs when times get tough - and childcare is one of them, unfortunately.

Sorry, childcare and the mortgage are not on the table when I'm cutting costs. Either I need to be ready to work at a moment's notice, like after the shutdown, or I need to have the flexibility to look for work. If you don't make enough money to save six months of expenses, including child care, you probably can't afford a nanny. (Personal assistant should get two weeks notice if you are a decent human being.)

Logically this doesn't make sense but emotionally maybe.

Logically if you are NOT working then you will be watching the kids therefore it would be one of the first things to cut.

+1 - of course everyone would love to be a good employer and keep the nanny or childcare... but childcare is also a HUGE expense, and if you don't currently need it and cannot afford it then it has to go!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How come corporations don't do this for their workers?

+1

excellent point. also, anyone taking a job working for an individual and not a corporation realizes the risks involved here and is willing to take these risks, as they are inherent to the type of position. I am not talking just nannies... do you think if someone worked as a personal assistant for someone who then lost their job that the personal assistant would still have a job? no of course not. the personal assistant would be let go. MAYBE they would get a week or two notice, but in tough times you do what you have to do.

and yes or course it is smart to have a safety net of funds saved for a rainy day, but it is also smart to cut costs when times get tough - and childcare is one of them, unfortunately.

Sorry, childcare and the mortgage are not on the table when I'm cutting costs. Either I need to be ready to work at a moment's notice, like after the shutdown, or I need to have the flexibility to look for work. If you don't make enough money to save six months of expenses, including child care, you probably can't afford a nanny. (Personal assistant should get two weeks notice if you are a decent human being.)

Logically this doesn't make sense but emotionally maybe.

Logically if you are NOT working then you will be watching the kids therefore it would be one of the first things to cut.

OR you could be finding some temp work, so that when you DO go back, you have childcare. Otherwise, you could learn to live on one income. Wasn't that easy?

[Anonymous]

Anonymous wrote:Save 3-6 months of ALL your living expenses including child are if you will need childcare to be able to focus on a job search.

This. Why wouldn't you include this expense in your living expenses fund?

[Anonymous]

I guess the debate is whether the nanny is a living expense or a luxury. We could cut the nanny, watch the kids and later go to a daycare very easily and quickly. So in my opinion it's a luxury.