By Trent Hamm
Craig writes in:
I just found out that I’m being “downsized” at the end of the year. While I have a small emergency fund, I do have a mortgage and a bit of credit card debt. I also have three kids at home. My wife will continue to work, but she has only a part-time job with minimal benefits. I am receiving a pretty good severance package, though.
Rather than panicking, I’m trying to be calm and rational about figuring out what’s next. This made me think of you and The Simple Dollar. If you were in my shoes, what would you do?
Here are the steps I would take in your situation.
Start living cheaper immediately. This means cutting back on or eliminating non-essentials in your life. Cancel your Netflix account. Pare back on your... More...
