Seems everyone has a contingency plan
I am more worried about the financial collapse than I let myself believe. I realized this while talking to my sister, who is also freaked out about her future. She was telling her biggest fear is that her husband gets laid off and they have to rely on her part-time salary.
Should she look for a full-time job immediately? How will they provide for their children? She is scared they won't be able to make their mortgage payments on a house they purchased about a year before the bubble burst.
My sister reasoned that they could rent out their home and move in with our mother. Or Hubby and I could move in with them to help out.
It was all a little too crazy, and yet, what struck me was that I had an equally crazy contingency plan for Hubby and me, which I promptly shared with her.
I could sell my MINI to cover six or seven months rent and use Hubby's car now that he bikes to work. It is a lot older and has pricey maintenance bills, but mine is worth a lot more. We could also move into a tiny, cheap apartment in a less desirable part of town. Or I could find a better paying job, like PR.
My sister and I don't want to make these choices, but we are both so stressed out about the economy that our brains have created a plan B. And C and D.
Do you secretly have a contingency plan in case the worst comes true? I'm not sure if having a plan reduces my stress because thinking about making these changes is a source of stress, too!
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About The Bargain Hunter
Daily News staff writer Julia Scott loves to find bargains on everything from groceries to Gucci. Her tips will help keep your hard earned cash where it belongs - in your pocket.
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It's funny that we're all talking about this.
Here's my plan:
1) Get part-time job at Starbucks (sorry about all the nasty things I said about Pike Place Roast)
2) Convert front lawn into vegetable garden
That's really all I've got at the moment ...
My plan is to first do things I should do anyway...comb through my weekly expenditures and see what I can live without:
newspaper delivery (go online and read); YMCA membership (walk and exercise at home); Satellite DirecTV (stick with local channels); Netflix (watch local TV); book buying..one of my compulsions (use the public library); grocery shopping (avoid the center aisles, buy basics and cook more from scratch); reduce car usage (combine multiple errands in each trip and get out the bicycle when it is feasible. Check out the bus routes...I am a senior citizen and I can ride the Santa Monica blue bus for 25 cents.)
I already have a garden and have converted our front lawn to edible landscaping.
I will also spend more time being grateful for what I do have that money can't buy...my health, a loving husband, family, good climate.
None of this adds income but it does economize how I use what money I have.
It doesn't help with anyone's current contingency planning, but may be a good time to focus the mind for the next time of uncertainty (or unplanned emergency): start saving for a 3-to-6 month emergency fund. That would be enough cash to cover the bills until the next job or .... Pretty common personal finance recommendation, but one that's easy for many of us to ignore/procrastinate. Random web link does a decent summary: http://tinyurl.com/6yd4kz