Anyone else terrified of their financial future?

[DreamChaser23]

It seems like since furlough started I am living on the edge. My employer hasn't really communicated. There is no idea when or if we will return. At the moment demand is low and there are about 15 workers working at the moment. Altogether there are around 250-300 people in the organization. Which means redundancies are much possible. As demand for work has absolutely slumped.

And with employers having to contribute from August I am dreading a redundancy letter just feels like always being on the edge. For the past month I have been applying for a lot of jobs but to no success.

Millions more people will lose their jobs and that means more competition. I just worry about my financial future a lot now.

How stressed are you with your financial future? And how are you coping?

I am on furlough and it would take a miracle for my job to come back and be ok. I am just applying for jobs with the absolute best application I can and keeping positive. We have decent savings and my husband seems safe-ish. I am hoping we will have a vaccine by Spring and we can all weather the storm and those measures like VAT cuts will help.

Nothing is forever, we've had a massive blow to the world but we will recover. Even those who lose everything make it back up the ladder eventually, just have to stay positive.

On furlough here too, still no word as to when I will be back. It is scary but there's not much I can do about looking for new jobs until DS is back at school - I'm a single parent with no childcare options, can't work from home. I'm just trying not to think about it.

DH has had an "at risk of redundancy" letter and I've had to take a pay cut and go back to work early from mat leave. We can manage on just my new salary and we do have savings however if DH is selected for redundancy there will just be a lot less slack in our household finances.

It does really worry me and make me sad because just five months ago, it really looked as though we had it made - just bought a house, lovely new DS, both been in jobs we enjoyed for years, our bills were about half our income so could save and spend a lot. I've had money troubles before and was daring to hope they were behind me.

I run my own business and its wedding and travel related so absolutely hammered by this all. DH and I are a limited company so not really entitled to anything.

We'd already been hit very badly by Brexit uncertainty and things were just recovering.

I'm trying to look on the bright side and hope for the best for the future.

Somedays that works.

I'm also concerned. DH is self employed but job directly related to schools. I can't see him being able to work even when schools go back but he has head in sand completely. Wounded puppy face when I suggest that he might need to look for something else.

And we are surrounded by people at home on full pay whilst saving on childcare/or those on furlough who are now working another job and 'raking it in' as they gleefully tell us.

I’m sure many will be along to tell you how lucky they are, as always.

But I’m sure the MN demographic is actually comprised of people from many walks of life.
This will be even more worrying for those who are single parents, single without kids, and those not married to well off men.

Women in particular are going to be hard hit, especially regarding childcare. It sounds like a nightmare going forward for many people.

I’m self employed, income dips here and there, and pay rent, so there’s never a complete sense of security at the best of times. But I chose my lifestyle and it was a bit bohemian before covid 😁

My heart goes out to Those who will struggle.

Even those without immediate worries have fears. I know I do. For now, my job seems secure & the business is doing OK. It’s related to Law, which won’t ever stop so you could look on the bright side there. But then I keep thinking, what if all these smaller law firms go under. What if the larger ones can’t afford to buy their mega contracts with us. What if they go to our cheaper competitor.. what if the company decide to close my small office as they can’t afford 3 offices anymore.. etc etc. I try not to overthink but it’s unsettling at times. My OH & I both work for the same employer in the same office, so we’d be doubly screwed.

I do so feel for those immediately hit though it’s so so shit. I’ve got friends who are going through some serious mental health issues over their finances & future. Sending love to those concerned, I really hope things work out did you all 🙏🏼

Dh was furloughed in June and I am gutted for him. Very little comms from his company, he doesn't know how this will all pan out.

My job is OK for now but certainly not secure. I am working very hard as was Dh and have four kids in thr mix.

Very little savings as it has all gone into school fees, we could see the light at thr end of the tunnel as eldest is doing gcses next year and DS only a year behind, but now it feels scary. Really worried.