I wrote and posted Cutbacks right after receiving the email from my colleague. I’ve hinted at it in my blog but I don’t know that I’ve actually come out and said it: I suffer from anxiety. I wrote that post as a coping mechanism to deal with the panic attack that I was having before it became full blown. I’ve yet to have a full blown panic attack in the workplace and it’s an experience I’d like to avoid.
The technique worked! I was able to articulate my fears coherently and though I was shaky for the rest of the day I got through it. This blog was created for me to track myself and my relationship with money and hopefully foster a healthier relationship between us. Today I started battling my fears as outlined in the post and really assessing them.
Fear 1: If I was to be let go I have enough funds to sit tight for a month or so.
I’ve talked a bit about how I save before. My combined savings has me covered for ~ 2 months at my current spending. If I were to be let go I can guarantee that I wouldn’t be spending the same amount as I do now since approximately 15% of my costs can be indirectly attributed to my job. These are my very liquid savings.
I’ve also got funds with a financial firm that will take less than a week to get my hands on if needed. Those funds would cover me for another 2 months at my current spending. This means that I do have the funds available to be out of work for 4 months and not go into debt. If I were to be even more frugal I may be able to stretch those dollars out.
FEAR 2: I haven’t educated myself enough about the protection I would receive from the union or if I would get paid out.
This was easier to fix. I’ve been at this company for some time so I’ll get 8 weeks notice, I may not be allowed to work at that time but I’ll still be paid. While on my notice I will be placed on an internal waiting list to apply for jobs and be able to look for work outside my company. At any time during that period I can opt for a severance package which is 1 weeks pay for every year I’ve worked here.
FEAR 3: I know that it’s not a positive climate out there so I have no idea how long it can take for me to get a new job
Not easy but I’m beginning a document to highlight all I’ve done in my current role so I can be prepared to work on my resume. I’m also going to set some time aside to work on my LinkedIn profile
It’s not nearly as bad as I feared! In goal setting I mentioned wanting to have a six month buffer in my Job Loss fund. It’s a great goal that I will continue to pursue but between my various savings accounts I do have at least 4 months worth of buffer. This isn’t including the layoff period pay and possible severance package which would give me a minimum of 2 months pay.
Armed with this knowledge I’m feeling much more secure about my future and have the confidence to continue aiming for all my 2016 goals.