Pandemic recession freak out

[user1479136681]

This is partly a vent but I'm freaking out about a recession! How are you coping?

Finances I'm on 20k (now on Adoption Leave until next year) wife on 28k with bills totalling 1k per month (and we put 200 into the ISA). We have 7k in savings so we thought we were doing alright financially.

Before we were matched my wife got offered a new job, same salary but shorter commute (15 mins!) With more family friendly atmosphere and flexible hours. Great, we thought!! She had to work a 3 month notice period which ended in March... Uh oh. Employer wouldn't let her rescind it as they're struggling and on hiring freeze now. Meanwhile her new job start date keeps being delayed. So she's unemployed now and I'm on leave whilst it looks increasingly unlikely that I'll have my job to go back to.

We're 6 weeks into placement, suddenly in a very precarious situation. I know I'm far from alone in this and should be grateful we're all healthy, but I'm very worried! We want to give our son a good life and now it looks like the next few years will be a struggle.

while not wanting to minimise your worries, your son will have a good life because of the love, time and attention you can give him.
For you, a year is a long time, you can worry about it nearer the times. Who knows what the situation will be this time next year. I'd wait till after Christmas and then speak to your employer to see where they are at. If its not good news then you will at least have some time to look elsewhere.
its very bad luck for your wife. If she can't get an answer from the new job next week, after we have Boris' escape plan, I'd look into benefits.
In the meantime try and look on this as bonus family time and enjoy the sunshine

It’s worth looking to see if you can use her tax allowance while she isn’t working, which might ease things a little and think about going back to work before the unpaid part of adoption leave kicks in. It’s not what you planned but your salary cover the bills and you have savings to draw on - that’s not a bad place to be.

Would you also be able to talk to the placing authority about an adoption allowance. You could not have predicted this when you did your finances.