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  • FIRST POST
    • ForeverAwake
    • By ForeverAwake 28th Nov 17, 10:22 AM
    • 38Posts
    • 9Thanks
    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 2
    • bouicca21
    • By bouicca21 29th Nov 17, 11:01 AM
    • 3,288 Posts
    • 4,101 Thanks
    bouicca21
    I'd shelve the driving lessons until I'd sussed out the job market. If jobs require a driving licence or if driving to work is likely to be necessary, then I'd reconsider. But getting a licence and then not driving for a while is likely to mean getting refresher lessons, so money spent on lessons now is likely to be wasted.

    Btw DD did just what Tabbytabitha suggested - told a potential employer she was about to take the test. Since the job didn't actually need driving, she then took normal type lessons and got her licence.
    • Sarastro
    • By Sarastro 3rd Dec 17, 6:41 PM
    • 339 Posts
    • 273 Thanks
    Sarastro
    I think 10k sounds like a big cushion, especially if benefits restricted above 6k savings as someone said. I'd go for passing the test - seems like a good investment. If you don't lose your job, it doesn't matter as you were planning to do it anyway. If you do lose your job, you will be better placed to find something else. Meantime, start hunting, don't wait for the inevitable. If you do find something else that doesn't require a driver, nothing lost as you (again) were planning to do it anyway and if you find something else that does require it, you've justified the investment. If you lose your job and don't find anything, you will still have your 6k.

    Also probably worth doing the whole improve your credit score thing as well if you are looking to get something on finance.
    • patman99
    • By patman99 4th Dec 17, 5:22 PM
    • 8,118 Posts
    • 9,542 Thanks
    patman99
    Defo go with driving lessons. It dosn't matter if you pass you test then don't buy a car for a while (actually, the longer you can go without a car, the more of the first two years in which you can see your licence suspended and a re-test needed, the better).

    £10k might be a nice nest egg to tide you over, but it will seriously impact on any benefits you get that are income related.
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