On Performance improvement plan/how can I prepare financially

[Isetfiretotherain]

Work is not doing well and I’m hearing of a lot of dodgy stuff going on (people on PIPs like me, people being retired, layoffs etc). I’m on a PIP but how do I prepare financially? I’m the main breadwinner but have debt and big bills to pay. My husband has a job but it would simply pay the monthly mortgage fee due to it being a tracker mortgage. We could sell the house but don’t want to deny the kids of their family home. Can’t believe it’s happening after nearly 30 years in my job type and still with a good few years before retirement yet. Looking for jobs but seems to be a hirers market right now!

Have you got a budget? How long is your notice period? Personally I would be cutting everything I possibly could right now.

I'm guessing you don't have savings to fall back on if you have debt and big bills, so you need to cut bills where you can. Get rid of subscriptions - use Freeview rather than Netflix etc, cut broadband/phones to lower plans, cut back on energy use where you can (line dry and airer rather than tumble dryer, layers and Oodies rather than heating until it gets really cold) and cut back on supermarket spending if you can. Maybe think about selling a car if you can share. Even if you can't downsize your home, maybe you can spend less on car etc.

Do you have stuff you don't need and could sell? Can you earn more money from a sideline, maybe something that you could build up into a regular earner? On MSE, the DebtFree Wannabe board is very helpful - post your income and outgoings, and they'll have suggestions for you.

Thx! No no savings! Only really the house! I am resourceful and can do day to day jobs for a while but it wouldn’t be enough to cover everything. I am at 3rd stage interviews with 2
companies but concerned about the non compete I have with one of the roles. I have to agree to pip on Monday which will give me 60 days to improve. Then likely another month of im Lucky but there’s loads of dodgy cost savings stuff going on at work due to the business not meeting targets. My dept is on track financially but my new boss and i simply don’t get on and taken a dislike to me

What is the basis of your pip?

Do you like your job? Can you turn this around?

Are you a member of a union? It sounds like you'll need support at some point. There's always ACAS as well.

What’s your household budget? Break down your costs, and your income.

I'd stop spending on anything non essential and seek advice about getting out of debt as well as concentrating on finding another job.

Have you done a budget and transferred any debt to lower/zero interest deals? How did the debt arise?