My wife’s company has been struggling and finally decided on Friday to layoff the entire sales force off.
It’s unfortunate, but not a total surprise. She had already survived 2 rounds of layoffs with this company and there were rumors and signs things were coming to a head.
Where does that leave us? Not in too bad of shape, actually.
• She will receive 2 weeks severance
• Her vacation will be cashed out
• She’ll be bonused on any sales until 4/2
• She gets to keep her company car for 2 more weeks
With $475/week of unemployment and reducing some of our expenses, we shouldn't even have to dip into savings. Speaking of savings, with our tax return, our savings jumped from $4,327.37 to $9,320.43. We’ll likely need to use some of this to buy a used car, but the rest can act as a cushion. Plus, we should be able to continue to add a little bit into savings each month.
My wife is so on the ball, she’s already lined up a phone interview for tomorrow.