DH redundancy.... Feeling really scared

[Tobermory]

DH has been given a notice of redundancy. His team are being massively thinned out from 8 to 2, so he has to reapply for his job. W'ell know prob in the next few weeks and if he's unsuccessful then he'll have 30 days and he's out.

We've started talking about stopping 'things', clubs/lessons for DC, monthly savings, gym membership, etc to try to make some savings 'just in case'. Our house is on the market, well have to take it off. Luckily we'd not yet booked a summer holiday

I'm terrified.
I'm scared he won't be able to find a new job.
I'm scared that I'll be the sole breadwinner (my work is stressful and we'd only been talking over christmas about the possibility of me going PT. Of course that can no longer happen)
I'm scared of how it will affect us.
I guess ultimately I'm scared well lose our house.

I know he'll try everything to get himself back in work. He'll look for similar salaried jobs but I know he'll take any job if it comes to it.

We've talked and I'm trying to be positive for him but right now he's very worried.

Try not to worry/ panic, easier said than done I know. if the worst did happen and you had to drop to one wage, would you be entitled to any help from tax credits ? As it is near to the end of the year it may work in your favour that you could start claiming from the new tax year in April, estimating ayour lower income. Do you have any savings to fall back on? Could you afford the essential bills on just your wage ?

Also perhaps look into whether your mortgage company could help by either extending the term ( thus reducing monthly payments) or letting you go interest only for a while. It is in their interests to help you if possible as long as you tell them you are experiencing difficulties.

Hard not to panic, I seem to be flitting between stoic, 'we'll be fine' and the polar opposite.

But thankyou.

We have some savings, those combined with my salary would keep us afloat, mortgage and essential bills paid.

Do you know how much redundancy pay he would get? I'm a trade union official and help members through these situations all the time. I find when they know all the facts it helps them a tiny bit to know how many months breathing space they have

Custard, not much as he's been there less than 2 years.

He was really upset this morning, crying on his way to an appointment at the recruiting agency. My response was trying to help him think positive. But here on my own I'm the one crying and all that positive talk not really cutting it.

Most people will get made redundant at least once and it really is nothing personal. You should expect it and plan for it.

do what you are doing; cut right back.

When he has another job (and he will get one) keep the cutbacks in place until you have six months of living expenses saved up.

Agree with PP - take control now and go ahead with your cutbacks - no need for guilt since they are luxuries which all tot up and let's face it, keeping the roof over your family is the main priority.

Most of us have faced redundancy at some point or another - DH & I, between us have dealt with redundancy 3x in the last decade. It is hairy especially when it takes longer than 6 mths to secure another position which happened to us twice. I was also on maternity leave during one occasion and had recently become a Sahm on another so you'll be ok with your savings and your job to see you through.

Past redundancies have definitely shaped our mentality towards saving more since we aim to always have a minimum of 6mths' expenditure saved if not more. It will be stressful but a financial cushion, however small, helps.

Don't panic!

In B&W it doesn't seems bad, rereading my posts I realise I sound a bit dramatic but its a scary time. Cancelling things make it all sink in.

The sensible/logical part of me can plainly see that my children aren't going to be damaged by not having swimming lessons (thats the last thing i want to drop) or no savings paid into their accounts for a few months or whatever…but the sensible part doesn't always should loudest!

I talked to DH about the cushion last night. We do have some savings that will help to keep us afloat for a few months but when he has found another job (fingers crossed) we'll work to increase that.

it is indeed scary because you feel out of control - taking control makes you feel better.

so pleased to hear you have savings, so many do not anticipate this situation. It also does your kids no harm to understand that sometimes things are tight and luxuries have to go.