If you were to lose your job tomorrow

homer_j_3 · 26 July 2007 at 8:25PM

How long would your current finances allow you to live for whilst maintaining a comfortable life style (ie not having to cut back your current expenditure by say 10%)?

I have not made the poll public so hopefully no one will see who has what savings. I think it will be interesting to see...

kenshaz · 26 July 2007 at 8:50PM

Broker...Sir/Madam Think very carefully before you do this. If your income drops unexpectedly, you could get behind with your repayments and lose your home

Secured borrowing on your home should be done as a last resort , the poll and this thread bring home the realization of the consequences of how fragile our lives can be and how we depend upon that regular income.

Six months savings equivalent to six months salary is the usual consensus when seeking advice.Would that be sufficient ?I suppose it depends upon your existing debt.

I feel that it is refreshing to see on this forum a poster who is looking at the borrower from another perspective ,especially in this climate of higher multiple lending and asking the question.

What has happened to the question for what purpose do you need this secured loan?

stphnstevey · 26 July 2007 at 9:12PM

I was initially expecting to see at least a year in the options - then I remembered that probably 80% of people live from pay cheque to pay cheque and have minimal savings

kenshaz · 27 July 2007 at 1:10PM

I suspect that to get an accurate analysis this poll needs to be posted on other forums,the mortgage section is not truly reflective.

KTF · 27 July 2007 at 1:42PM

Does the poll assume you would sit around for the time rather than go out to an agency and get whatever temp work was available (assuming there isnt another full time job in the pipeline)?

kenshaz · 27 July 2007 at 2:03PM

KTF wrote: »

Does the poll assume you would sit around for the time rather than go out to an agency and get whatever temp work was available (assuming there isnt another full time job in the pipeline)?

The loss of a job could be due to ill-health.There is no guarantee of finding an income ,it also depends upon skill level and also a salary on par with you lost employment,to maintain your high multiple interest only mortgage.
Therefore for some a visit to an agency might assist .

homer_j_3 · 27 July 2007 at 8:07PM

i will link to other boards as i agre kenshaz

buxtonrabbitgreen · 27 July 2007 at 8:31PM

Well as long as one of us was still earning, I guess tax credits would make up the shortfall. I am fortunate to have a small mortgage with only 2 years left on it, and no luxuries to cut back on anyway.

beingjdc · 27 July 2007 at 8:32PM

My budget spreadsheet tells me at the end of each month how long I could live with no wages at my current rate of spending until my net worth was zero. It currently reads 14.3 months. I am hoping for 15 when I update it on Wednesday, but actually last month was a cheap one so it may be back down to more like 12.

Mozette · 27 July 2007 at 8:47PM

I followed the link from DFW, so if I lost my income - end of! Still, if you ask me again in say 5 years, I'm going to be at the other end of the poll!

rachnbri · 27 July 2007 at 9:14PM

If I lost my job tomorrow then I doubt I'd last a month - I certainly couldn't maintain my lifestyle. However I feel fairly confident as I have a very secure job (by today's standards) and would get loads of notice, decent redundancy etc if I did lose my job. Also my company pays 6 months full pay if you are sick and makes massive efforts to find you an alternative post of you are unable to do your current job through ill health.

If you were to lose your job tomorrow

How many months could you last if your income was to disappear tomorrow? 105 votes

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