Additional Considerations of Sudden Job Loss
Last week, I wrote about a sudden job loss at Goodwill and the employees who stated they were living paycheque to paycheque. These same workers were counting on the next paycheque. Originally, Goodwill stated that they were not going to be paying them. Well, on Friday morning, they reversed their decision and, apparently, the Goodwill employees were paid after all.
Anyway, seems this week, one of my co-worker's husband quit his job suddenly. Apparently, he had enough of his strict boss (also his uncle) and gave him his two week's notice. Seems the boss will only keep him for one week. So today is his last day at work.
Since he quit his job, he's ineligible to collect employment insurance. As a result, my co-worker has admitted to being (more) stressed (than usual). They have a mortgage to pay and a family of 6 (themselves, in-laws, and two children) to feed.
They had discussions of him leaving his job, but apparently, the plan was to wait until the spring. They recently borrowed money from the bank to finish their basement, so they wanted to save a little money before he left his job.
Well, that didn't go as planned.
Due to the stress (they are both feeling it), they cannot sleep. According to my co-worker, he's not getting much sleep at night and she needs the drowsy pills to help her nod off. The stress of losing one income has also affected her memory as she forgot to go to a doctor's appointment.
Judging from the amount of concern, I would imagine they don't have an emergency fund built up. Sure with only one income, the emergency fund may be depleted, but at least there is the knowledge that you'll be able to pay this month's mortgage or even pay for groceries so your kids don't go hungry. Okay, maybe not the last part, there will be sacrifices made, but likely not to feeding their kids.
Perhaps with an emergency fund, the husband would have quit his job much earlier. Apparently, his displeasure with his uncle has been festering for a long time now. Before, he really didn't have the time to look for alternative employment.
Now, he will have plenty of time.
Additionally, he used to work 6 days a week. Being a father to young girls, that meant he wasn't home that often to help raise them. Now, he can. If only for a little while.
It's tough to balance. How long would you work at a job you didn't like just because you needed the money? Is your job so stressful you cannot bear another second? Would quitting your job be more stressful than staying at your job?
It's really a tough thing to know. The only thing you can do is to be prepared by building up a fund to give you time to transition before you leave your job.
I hope everything turns out well for them. Wifey's friend took over a year to find a new job. Some people take less than a week. It's really hard to say.
Anyway, seems this week, one of my co-worker's husband quit his job suddenly. Apparently, he had enough of his strict boss (also his uncle) and gave him his two week's notice. Seems the boss will only keep him for one week. So today is his last day at work.
Since he quit his job, he's ineligible to collect employment insurance. As a result, my co-worker has admitted to being (more) stressed (than usual). They have a mortgage to pay and a family of 6 (themselves, in-laws, and two children) to feed.
They had discussions of him leaving his job, but apparently, the plan was to wait until the spring. They recently borrowed money from the bank to finish their basement, so they wanted to save a little money before he left his job.
Well, that didn't go as planned.
Due to the stress (they are both feeling it), they cannot sleep. According to my co-worker, he's not getting much sleep at night and she needs the drowsy pills to help her nod off. The stress of losing one income has also affected her memory as she forgot to go to a doctor's appointment.
Judging from the amount of concern, I would imagine they don't have an emergency fund built up. Sure with only one income, the emergency fund may be depleted, but at least there is the knowledge that you'll be able to pay this month's mortgage or even pay for groceries so your kids don't go hungry. Okay, maybe not the last part, there will be sacrifices made, but likely not to feeding their kids.
Perhaps with an emergency fund, the husband would have quit his job much earlier. Apparently, his displeasure with his uncle has been festering for a long time now. Before, he really didn't have the time to look for alternative employment.
Now, he will have plenty of time.
Additionally, he used to work 6 days a week. Being a father to young girls, that meant he wasn't home that often to help raise them. Now, he can. If only for a little while.
It's tough to balance. How long would you work at a job you didn't like just because you needed the money? Is your job so stressful you cannot bear another second? Would quitting your job be more stressful than staying at your job?
It's really a tough thing to know. The only thing you can do is to be prepared by building up a fund to give you time to transition before you leave your job.
I hope everything turns out well for them. Wifey's friend took over a year to find a new job. Some people take less than a week. It's really hard to say.
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