Two Powerful Words

This week we launched our new savings promotion. The theme of the promotion, Have Enough, just seems to resonate when we think about the repercussions of the economic and political roller coaster our country has been on since last summer––particularly when we look at cutbacks and job losses. Our community is no stranger to these. Unfortunately, neither am I.

Before I joined the Vantage family in 2002, I had experienced five layoffs. It stands to reason––when times are tight, Marketing is usually one of the first areas to go. Being unexpectedly out of a job from one day to the next never got any easier, but our lives also didn’t seem nearly as complicated, and we thankfully got by until the next job opportunity came along.

Fast forward to late last summer. My husband and I had a sense the economy was taking a negative turn when he noticed his phone had stopped ringing in August. In his line of business, the projects he starts on a given month are only completed months later. So it was a red flag for us when his phone quit ringing. It seemed like prospective customers were choosing to postpone their projects and hang on to their money instead, and that meant his company was in for a rough end of the year.

Then the banks started failing, stocks plummeted, an election loomed, and we held our breath. It was only when my husband came home with the news in late November that his company was looking at the reality of layoffs that the concept of having enough really hit me right between the eyes. Were we prepared? Did we have enough to pay our bills, keep food on the table, fill our gas tanks, if we had to scale back to one income TODAY? Sadly, the answer was no.

It’s interesting how we tend to forget hardships after they pass. We get comfortable, even complacent, as life continues moving along with no major hiccups. GUILTY, PARTY OF ONE!! The true saving grace in our situation was that my husband hadn’t gotten laid off yet, so we had time to reevaluate our financial situation and come up with a plan that would free up cash flow while still being able to cover our bills and put food on the table if a layoff became reality. We reprioritized, consolidated, paid down, cut back. And, we ramped up our saving. After all, he hadn’t been laid off yet, so why not stash the extra income we were now operating without?

Fast forward again to today. Knock on wood, we’ve escaped the reality of a layoff for now. Believe it or not, things are looking better for my husband on the job front. Maybe people in general are feeling a little more relaxed and choosing to open their pockets again. And the plan we set in December? It’s still in place and in full force. After three months and counting, we’re in a much better position to weather a layoff. We now have enough.

My hope for anyone facing a layoff or any other sudden, life-altering event is that you’ve taken the opportunity to get your financial life in order before it happens, so you’re prepared. If you haven’t recently taken a good hard look, I encourage you to do so. And remember to make saving an ongoing part of your plan, because “have enough” are two incredibly powerful words when there’s the chance you might not.