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How is everyone planning for potential layoffs?
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Can’t sleep. Any ladies want to chat? 👩🏽
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Doing that right now. I have been paying more than the minimum for a while now but diverting all that to build my savings. Hoping for 12 months of savings (if frugal). Yay anxiety! Really hurts because I was on track to have them paid by August...
Husband and I were ready to refinance (we still have a huge number but prioritized buying a house) and now thankful we didn’t. Having the option of lower payments is a lifesaver right now.
I work in public interest, so assuming the suspension of payments doesn’t throw off my public interest student loan forgiveness, I will likely add that loan money to my nest egg.
A2 I would stop 401k as a last resort. If you don’t have 3 month emergency fund maybe bring contributions down to 5% or less depending on salary. But if you have 6 months or more I would hold off. At the end of the day it all depends on your comfort/desire for risk. To put it in perspective, I’m aiming for an additional 4K per month to savings plus a 5k tax return and hoping to build up before layoffs begin. Hoping to have 12 months of expenses if living frugally. I think I’m relatively conservative.
You'd be dumb not to.