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  • FIRST POST
    • ForeverAwake
    • By ForeverAwake 28th Nov 17, 10:22 AM
    • 35Posts
    • 8Thanks
    ForeverAwake
    I could lose my job next year
    • #1
    • 28th Nov 17, 10:22 AM
    I could lose my job next year 28th Nov 17 at 10:22 AM
    Hello all.

    I found out theyíre reviewing my job contract next summer, and thereís a 50% chance of losing my job, so Iím putting a plan together now for worse case scenario. Obviously, I will work hard to keep it, but I need to able to support myself for a while if I lose my income to pay; my rent, water, gas & electric, food, phone bill etc without the need to borrow or reply on others.

    I will take 4K of savings with me into 2018, which are savings from this year. I was planning driving lessons in Jan. Passing my test and getting a car on finance was my goal in 2018. I walk to work so the driving is not a must, but a personal goal.

    If I forego the driving lessons, Iíve calculated I will reach 10k of savings by end of summer 2018 at my current savings rate. This will be a huge cushion if I do end up losing my job.

    What does everything think? Should I have the driving lessons in January or hold off til next summer to allow myself a larger cushion of savings until I know whatís happening with job?
Page 1
    • Hedgehog99
    • By Hedgehog99 28th Nov 17, 10:34 AM
    • 1,394 Posts
    • 2,885 Thanks
    Hedgehog99
    • #2
    • 28th Nov 17, 10:34 AM
    • #2
    • 28th Nov 17, 10:34 AM
    I'd advise against learning to drive until you will have access to a car - if you pass your test and then don't drive for a while, you might be out of practice or lose confidence. Since you can walk to work, and having savings is important to you, prioritise that for now.
    • pjcox2005
    • By pjcox2005 28th Nov 17, 10:47 AM
    • 480 Posts
    • 528 Thanks
    pjcox2005
    • #3
    • 28th Nov 17, 10:47 AM
    • #3
    • 28th Nov 17, 10:47 AM
    I'd advise against learning to drive until you will have access to a car - if you pass your test and then don't drive for a while, you might be out of practice or lose confidence. Since you can walk to work, and having savings is important to you, prioritise that for now.
    Originally posted by Hedgehog99


    I'd probably go the opposite and suggest you keep the lessons going until you've passed. If you do find yourself out of a job next year, then I would expect being able to drive (and you could buy a cheap car then) will be a big asset in opening up the opportunities available for you rather than being limited to close by (unless you're in London for example with good public transport).


    Otherwise planning now just in case is great, and could be a real opportunity if you make the savings and the contract is renewed. Good habits to be in.
    • marliepanda
    • By marliepanda 28th Nov 17, 10:47 AM
    • 4,865 Posts
    • 9,813 Thanks
    marliepanda
    • #4
    • 28th Nov 17, 10:47 AM
    • #4
    • 28th Nov 17, 10:47 AM
    It could go both ways.

    a) Keep saving to have a nice cushion if you do lose your job

    b) learn to drive and get a car and potentially widen your search area for a job
    Survey Earnings 2017 - £163
    • Robin9
    • By Robin9 28th Nov 17, 10:51 AM
    • 1,947 Posts
    • 1,260 Thanks
    Robin9
    • #5
    • 28th Nov 17, 10:51 AM
    • #5
    • 28th Nov 17, 10:51 AM
    I go for the Driving Lessons - a future new job might require you to drive.

    Neither 4k or 10k is a fantastic sum - its a useful short term buffer - but you cant live off it for long.
    Never pay on an estimated bill
    • NineDeuce
    • By NineDeuce 28th Nov 17, 11:04 AM
    • 526 Posts
    • 468 Thanks
    NineDeuce
    • #6
    • 28th Nov 17, 11:04 AM
    • #6
    • 28th Nov 17, 11:04 AM
    I would just look for another job..... If they cant guarantee your position, neither should you.
    • IAmWales
    • By IAmWales 28th Nov 17, 11:20 AM
    • 1,832 Posts
    • 3,819 Thanks
    IAmWales
    • #7
    • 28th Nov 17, 11:20 AM
    • #7
    • 28th Nov 17, 11:20 AM
    I go for the Driving Lessons - a future new job might require you to drive.

    Neither 4k or 10k is a fantastic sum - its a useful short term buffer - but you cant live off it for long.
    Originally posted by Robin9
    £10K is enough for some to live on for a year, and more savings than many will have in a lifetime!

    How long have you been with the company OP, is it worth hanging on for the redundancy pay? Will a driving licence improve your job opportunities significantly?
    • trailingspouse
    • By trailingspouse 28th Nov 17, 11:27 AM
    • 2,446 Posts
    • 3,507 Thanks
    trailingspouse
    • #8
    • 28th Nov 17, 11:27 AM
    • #8
    • 28th Nov 17, 11:27 AM
    +1 for learning to drive.

    Don't think of it as a cost, think of it as an investment.

    If the worst happens, chances are you'll need a car for getting to your next job.

    You don't have to pay a fortune for a car, and if you want one on finance you can get a personal loan (depending on your credit rating) rather than the much more expensive car finance offered by dealers.

    How much were you planning on spending on driving lessons? I really don't think it would make that much of a dint in your savings, but would broaden your options enormously.
    • ScorpiondeRooftrouser
    • By ScorpiondeRooftrouser 28th Nov 17, 11:35 AM
    • 2,101 Posts
    • 3,127 Thanks
    ScorpiondeRooftrouser
    • #9
    • 28th Nov 17, 11:35 AM
    • #9
    • 28th Nov 17, 11:35 AM
    I would just look for another job..... If they cant guarantee your position, neither should you.
    Originally posted by NineDeuce
    ^^ OP, absolutely do this. Is there some reason you think you won't be able to find another job in the six months available?
    • TBagpuss
    • By TBagpuss 28th Nov 17, 12:03 PM
    • 6,084 Posts
    • 7,832 Thanks
    TBagpuss
    Definitely start looking aroud for another job.

    In terms ofthe driving lessons, I think this depends on what other work is likely to be available. If you live in a large town or city and have access to good public transport links then being able to drive is much less likely to be an issue in terms of finding / being able to accept a new job than if you live in a more rural area, or if job opportunities are scarce.

    I personally would suggest getting the lessons and start to plan with a view to being able to buy a car (if only a cheap runaround) if you need to be able to drive when you do find a new job. However, if you live somewhere that diving is unlikely to be an issue in finding / getting to any new job then you could instead give yourself a savings goal and only start lessons when you pass that goal, whether the figure you set as a goal is (say) 3 or 6 months income, or enough to live of for 3/6 months if push comes to shove.
    • getmore4less
    • By getmore4less 28th Nov 17, 1:45 PM
    • 30,766 Posts
    • 18,378 Thanks
    getmore4less
    Hello all.

    I found out theyíre reviewing my job contract next summer, and thereís a 50% chance of losing my job, so Iím putting a plan together now for worse case scenario.
    Originally posted by ForeverAwake
    when the future is uncertain cash is king up to benefits threshold.
    see below...

    some key info.

    How long have you worked there? (redundancy)
    Notice period?
    type of contract?

    I know someone that works schools and this happens a lot as some jobs are only funded for a year so every year around June they are in a waiting game to see if they have a job in Sept.


    I think you should take the opportunity to explore other options, you may find that there are better jobs out there and this is the push you need to go find one of them.


    ..........................
    on the finance side the debtfreewannabee board is probably the best place to have a SOA reviewed for trimming spends.

    http://forums.moneysavingexpert.com/forumdisplay.php?f=76
    http://www.stoozing.com/calculator/soa.php

    if income drops you need to have a lean set of outgoing now is the time to start dropping and reviewing all the contractual payments to get them down or eliminated

    things like lower/PAYG phone contracts no SKY....


    On the learn to drive front I would review the local job market first and see how much it will help.
    • Savvy_Sue
    • By Savvy_Sue 28th Nov 17, 1:54 PM
    • 37,848 Posts
    • 34,238 Thanks
    Savvy_Sue
    DH wasn't offered a job once and the deciding factor was that he hadn't at the time passed his test. Didn't need to be able to drive for work, and he could get himself there by public transport, but they felt it was too far for that to be reliable.

    So you can guess what I'd do!
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 2 shawls, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 1 seaman's hat ...
    Current projects: 1 shawl, another seaman's hat
    • Tabbytabitha
    • By Tabbytabitha 28th Nov 17, 2:45 PM
    • 449 Posts
    • 888 Thanks
    Tabbytabitha
    DH wasn't offered a job once and the deciding factor was that he hadn't at the time passed his test. Didn't need to be able to drive for work, and he could get himself there by public transport, but they felt it was too far for that to be reliable.

    So you can guess what I'd do!
    Originally posted by Savvy_Sue
    Lie - just like I always used to do before I could drive.
    • TELLIT01
    • By TELLIT01 28th Nov 17, 3:25 PM
    • 4,245 Posts
    • 4,422 Thanks
    TELLIT01
    Advice generally seems to be to have a financial cushion to cover 3 months living costs and bills. If you work out how much that is, you will then be in a better position to decide if you can afford driving lessons plus a car once you pass your test.
    I agree with an earlier comment that there's little point in taking driving lessons if you won't be able to afford a car.
    • Savvy_Sue
    • By Savvy_Sue 28th Nov 17, 4:55 PM
    • 37,848 Posts
    • 34,238 Thanks
    Savvy_Sue
    Lie - just like I always used to do before I could drive.
    Originally posted by Tabbytabitha
    Well that's going to go really well if they ask to see your licence!
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 2 shawls, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 1 seaman's hat ...
    Current projects: 1 shawl, another seaman's hat
    • Ozzuk
    • By Ozzuk 28th Nov 17, 4:58 PM
    • 1,176 Posts
    • 1,723 Thanks
    Ozzuk
    I'm with the pass your test gang. We've taken on a few recently, one of the terms was a valid car license (we check so you can't lie). And that is for an IT office based role.
    • ScorpiondeRooftrouser
    • By ScorpiondeRooftrouser 28th Nov 17, 5:11 PM
    • 2,101 Posts
    • 3,127 Thanks
    ScorpiondeRooftrouser
    Well that's going to go really well if they ask to see your licence!
    Originally posted by Savvy_Sue
    They could be lucky; they might not ask to see the licence. They might only discover they can't drive when they ram the company car into a brick wall at 70 mph.
    • Xbigman
    • By Xbigman 28th Nov 17, 11:56 PM
    • 2,952 Posts
    • 1,209 Thanks
    Xbigman
    Learn to drive. With over 6k in savings you start to lose benefits so keeping around the 6k mark and learning something that might help get a job is sensible.
    Whilst you are learning definately look around for other work.



    Darren
    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
    • Tabbytabitha
    • By Tabbytabitha 29th Nov 17, 1:56 AM
    • 449 Posts
    • 888 Thanks
    Tabbytabitha
    Advice generally seems to be to have a financial cushion to cover 3 months living costs and bills. If you work out how much that is, you will then be in a better position to decide if you can afford driving lessons plus a car once you pass your test.
    I agree with an earlier comment that there's little point in taking driving lessons if you won't be able to afford a car.
    Originally posted by TELLIT01
    Well that's going to go really well if they ask to see your licence!
    Originally posted by Savvy_Sue
    I used to tell them I was about to take my test. If it had been a requirement for the job that I had a licence then I would've done an intensive course.
    • asajj
    • By asajj 29th Nov 17, 4:38 AM
    • 4,165 Posts
    • 10,598 Thanks
    asajj
    When I was out of work and looking for a new one, not being able to drive limited my options even though I lived in a big city.
    £2015 in 2015 / £2015

    No buying unnecessary stuff.
    Clearing out by selling on Ebay, donating to charity etc.
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