handling finances when you're between jobs

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP I’m confused. You said you are something like $5K short a month, but you also said you have a lot of savings. What is it? If you have savings, you don’t need to cut back so dramatically immediately unless it’s 6+ months and you aren’t having any luck finding a new role.

Our income for the month will be 5K less than our average monthly expenses.

And yes, I can cover the difference with savings for a little while.

But I'm trying to lower that 5K delta so that our savings can last longer if needed, and so I don't have to pull as much out.

We're not in a bad position financially, but I still think cutting costs is the right move for us right now.

IMO it most definately is. Stretch that EF as much as you can. Most people spending $12K/month have areas that can be cut.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why does he still own another house? Now is not a great time to sell a house, but you might want to consider selling.

Also I'm confused, you said you get 2500 a month from the house but it also has a mortgage? What is the math on that? Are you actually netting 2500 a month on the house, after insurance, taxes, mortgage, etc? Or is that just the rent?

If we need to sell the house we will, but as you noted it's not a great time to be doing so.

$2500/mo is the rent we receive. The mortgage is $1500/mo. It may not be the best investment but given the housing market we're going to try to hold on to it for now.

I’d sell the house in a heartbeat. The housing market isn’t that bad and while you may think you’re pocketing $1000 a month I assure you’re it’s less. Having the equity in your bank account would be huge.

I wouldnt' sell immediately, give yourself 3-4 months to find a new job and see what your salary will be.

[Anonymous]

People are giving suggestions to save $5 actual dollars. OP has $10K of random spending. You dont need to make homemade popcorn. You need to figure out where the $10K is going.

[Anonymous]

Anonymous wrote:People are giving suggestions to save $5 actual dollars. OP has $10K of random spending. You dont need to make homemade popcorn. You need to figure out where the $10K is going.

I was thinking the same! A lot of the suggestions save hardly anything. Most people have a tendency to focus on the small savings and ignore the really big ones. I appreciate people giving me ideas for big savings - I am not unemployed but given uncertainty, I am looking at ways to save money.