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  • how bad shape are we in? $40k liquid savings, $100k+ retirement savings, no debt aside from mortgage. I was laid off a few months ago. I had made about 30% of our HHI. We have been...(more) (17 replies) able to reduce spending and have an additional $10K in a tax refund so we won't have to go into regular savings until around June. Should I be in panic mode now? My job search has been terrible -- only 1 interview in 2 months. If we moved to the burbs, we could live without my income. Should I be looking to move now? We really don't want to move

    12 replies [ Reply | Watch | Options ]
    02.07.09, 11:57 AM [ Flag ]

    • How many months can you afford to live on your savings, without digging into your retirement savings (something you should never do in order to live in the present)?

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      02.07.09, 12:11 PM [ Flag | link to this post ]

      • if we keep our spending in check, as we have been for the past few months, we could go for a long time actually -- probably until end of Spring 2010. But I can't imagine having NO savings. I can't imagine letting it get to that point.

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        02.07.09, 12:59 PM [ Flag | link to this post ]

    • You've done a great job of saving, but try not to spend your hard-earned savings because you "really don't want to move." This is a very bad point in the world economic cycle. Be as conservative as you can. Look for a place to move in June that will allow you to live without your income. If you get a job, keep your overhead spending at dh's level. Use your salary for childcare and savings. DH could lose his job, too, and you need more savings than what you have now. Take this economic cycle seriously and save money.

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      02.07.09, 12:36 PM [ Flag | link to this post ]

      • DH will never lose his job, so that income is secure. And thank you for saying we have done a great job of saving -- I actually think we have done a terrible job and should have at least 3x what we have!

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        02.07.09, 01:01 PM [ Flag | link to this post ]

    • OP here -- I should add that we have a lot of equity in our apartment -- probably 50%.

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      02.07.09, 01:02 PM [ Flag | link to this post ]

      • you'd be selling at a loss, plus a move can be expensive. i would hold tight if you can if i were you.

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        02.07.09, 04:41 PM [ Flag | link to this post ]

        • well, our apt is certainly worth less than it was 2 years ago, but still worth at least 500,000 more than we owe on it.

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          02.08.09, 11:52 AM [ Flag | link to this post ]

    • Moving to a less expensive area so you can live at dh's income level creates freedom for your family. If you don't find a job, you won't deplete savings. If you do find a job, everything you earn can be saved that, in itself, will earn income. Low overhead allows for saving and a flexible lifestyle. Something to think about...

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      02.07.09, 01:42 PM [ Flag | link to this post ]

      • I agree. Moving sucks, but at least it will put your mind at rest a little bit. You can use the desire to come back to the city as a motivation for finding another job.

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        02.07.09, 01:46 PM [ Flag | link to this post ]

        • It's a little more complicated b/c my older child is in elementary school already, so not as easy as it would be with only little kids. And my dh really, really doesn't want to move, so I'm concerned about what it will do to my marriage (resentment).

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          02.07.09, 03:32 PM [ Flag | link to this post ]

          • ^^^ also, I don't think it would as easy to work if we moved b/c of the commuting factor, finding a new nanny etc. I think moving would mean deciding not to work anymore. I know that there are some families where both parents commute into the city for work, but I just don't see that working for us.

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            02.07.09, 03:34 PM [ Flag | link to this post ]

    • Thank you for the helpful responses!

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      02.08.09, 04:36 PM [ Flag | link to this post ]
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