If you were to lose your job tomorrow

kenshaz

Mozette wrote: »

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!

I am sure that with that attitude you will achieve .I look forward to congratulating you.

Crazy_Saver

Definately a wake-up call homer_j.


But I'm sure that just like me, there are many out there who have found themselves without any substantial savings due to having a family rather than through not being sensible.

When my husband and I first set up home 19 years ago, we always made sure that we had at least 3+ months worth of mortgage payments is savings. As time moved on, we had children and I gave up work. This in itself was not an easy decision - how many times do we all hear the expression "if you wait until you can afford them, you will never have children!".

Of course living on just my husband's salary meant that our savings were soon eaten up. We managed, and when the children started school I started part time work - still no savings. I hope to return to full time employment in the near future which I would like to think means saving again, but I see college and Uni looming on the horizon.

Yes we would have had a safety net of savings had the children not come along and yes we could forefeit our rare days out and our week on the Isle of Wight in the summer and put the money away in a savings plan.

As much as I understand and can see the sense in having financial back-up, to me life is very short and your children are only children for a very short time. I really would love to be able to say that we have got savings if we need them but I can't. But, I have 2 children that I am very proud of and I really do believe that me being at home with them in the early years has helped to make them well rounded, polite and confident people.

Thank god for Asda's own label and Primark!

"One day Rodney, we'll be millionaires!"

One day:j

Crazy Saver

homer_j_3

This poll was set up for me to see where people would be if they lost their income through loss of job, or even, through ilness etc.

I have made some posts recently about the importance of fully protecting yourself and we had a good debate on how this was perceived and whether it was necessary.

I would love to see how many of the 75 people that have voted so far have any form of protection for the loss of their income through no fault of their own.

You say that life is very short and that your children are important, I quite agree and it is often the case where children are involved, savings are limited and therefore your income should be even more important.

Scott

Without putting any alternate arrangements in place, we'd survive for around 2-3 months, largely because my wife just finished maternity leave and we decided for her to stay home with our wee girl.

We have a plan in place to get back up to the circa 6-month mark, but these baby things are expensive!

movingforward2010

about a week in my case

Crazy_Saver

Scott wrote: »

Without putting any alternate arrangements in place, we'd survive for around 2-3 months, largely because my wife just finished maternity leave and we decided for her to stay home with our wee girl.

We have a plan in place to get back up to the circa 6-month mark, but these baby things are expensive!

And then before you know it, another one will probably come along:D

Scott

Don't give my missus any ideas!