My family’s finances changed dramatically earlier this month when both my husband and I filed for unemployment. We were both furloughed within 24 hours of each other, joining the tens of millions of other Americans who have lost their jobs due to the COVID-19 pandemic. This also means we lost 100% of our income starting July 1, 2020.
Deep breaths.
We’d considered the possibility that one of us might lose our job, and I’d made a scenario budget just in case. But I hadn’t seriously considered that both of us could lose our jobs. When we got the news, I immediately went into “fix it” mode and started working on our unemployment budget. Because fixing things, finding answers and solutions, is how I cope in the face of difficulty.
Right-sizing our budget to fit within our newly reduced income meant making significant cuts. I was able to reduce our monthly expenses by more than half. It wasn’t easy or fun, but it’s what was necessary for us in this season of life.
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