How have you prepared?

CCampbell · 05-23-2008, 09:37 AM

With DH being in this industry and the economy going to pot, I just worry sick that he could be laid off. He's got decent seniority as an FO with Air Wisconsin, and as of today, they haven't made any cuts yet.

We're stuck in a horrible adj rate mortgage and don't have any extra income to put into a savings account. The money we do have saved would probably last us 2-3 weeks if something did happen. I've got a secure job but don't bring in enough money alone to pay mortgage/cars/food etc...

With this recent economy crunch, have you found that you're saving more incase something does happen to your DH's airline?

skibum515 · 05-23-2008, 10:51 AM

we'd like to be saving more, unfortunatly DF is still on first year pay for another month (hurry up July!) Once he gets on second year pay we're going to be stashing away most of his paycheck and living like we're still on first year pay. We'd like to get about 6-8 months worth of comfortable living saved up.

The nice (and not nice) thing about first year airline pay is that if DF should lose his job, his income can be replaced easily by working at any retail store in town (or at the ski resort or whatever)

amelia · 05-23-2008, 11:32 AM

We are going to do a refi on our house next month b/c we also have an adjustable rate that is due to start adjusting in July.

For the past few months, we have been putting extra money into savings. We our tax refund and that tax rebate into savings. Any bonus that DH got from work into savings as well. We are trying to save up 3 months worth of COL. We think we will have that saved up by early next year or so. I'd like to keep saving as much as we can beyond the 3 months worth. We are also trying to cut back on what we spend in general.

Mistress Trista · 05-23-2008, 02:04 PM

We're cutting back too, with anything we can. It's scary as hell and I'm afraid we're nowhere near the end.

SeatClutcher · 05-23-2008, 04:44 PM

I have an application ready to go to the Millionaire Matchmaker.

Mistress Trista · 05-23-2008, 06:23 PM

Quote:

Originally Posted by SeatClutcher

I have an application ready to go to the Millionaire Matchmaker.

What? Millionaire Matchmaker?

Amanda · 05-23-2008, 09:11 PM

Nick too is worried sick.... literally. He's sick about "what could happen".

I told him that we just don't know what will happen so you can't be worried every day of you life waiting for something bad!

As for money, I pay the mortgage on the AZ townhouse and got out of an adjustable a few years ago. If you can refinance with a 30 year fixed that would be good. We're trying to stash away money but honestly all of it is going to our 'house fund'. For the houses we are looking at, if he loses his job it will be tough for me to afford the entire mortgage payment but we are confident Nick can get another job if God forbid he gets furloughed. I can also take money out of my investment accounts but that is something that we would have to do if we were desperate.

Londoner · 05-24-2008, 09:02 AM

We're worried too. Thankfully, I can cover the mortgage and our bills on my salary - but that doesn't leave much for having fun! Having said that, my husband has other skills besides flying (he used to be a teacher) so at least he'd have something to fall back on if the very worst happened. Plus I'd move wherever we needed to if we needed to chase a job (to the middle east, or wherever) - life's too short to be apart.

Mrs.Alchemist · 05-24-2008, 09:23 AM

Yeah, I'm pretty much in the same situation as you, Londoner... There's no way that a first year first officer salary could cover the bills anyhow, but it's something, and it helps... And, if we have to chase a good job in another country, well... Guess I'll be moving abroad... What can you do? I am really glad to know that life will never be boring! That scares me more than the unknown!

felly · 05-24-2008, 11:05 AM

the boy is worrying himself sick. he's potentially got a spot as an fo flying a private jet for some company down here. he's worried about the stability of that job versus staying with express (versus pay, etc). i've brought up some really valid points about paying your own health insurance, etc. he has a lot to weigh out currently and i'm scared for him. we're not married, so it changes things a little, but i do want him to make the best decision for himself. i'm so new to this industry that all i can tell him is to plan for the worst and hope for the best. he didn't sleep at all last night. he was actually talking to me about it and i had to apologize because i was about to fall asleep. i'm really scared about this, you guys.

05-23-2008, 09:37 AM	#1 (permalink)
CCampbell Jetgirls Member Join Date: Apr 2008 Location: Richmond, Virginia Posts: 25 Recipes: Thanks: 0 Thanked 0 Times in 0 Posts	How have you prepared? With DH being in this industry and the economy going to pot, I just worry sick that he could be laid off. He's got decent seniority as an FO with Air Wisconsin, and as of today, they haven't made any cuts yet. We're stuck in a horrible adj rate mortgage and don't have any extra income to put into a savings account. The money we do have saved would probably last us 2-3 weeks if something did happen. I've got a secure job but don't bring in enough money alone to pay mortgage/cars/food etc... With this recent economy crunch, have you found that you're saving more incase something does happen to your DH's airline?

05-23-2008, 10:51 AM	#2 (permalink)
skibum515 Jetgirls Ol' School Member Join Date: Jul 2003 Location: Park City Posts: 1,142 Recipes: Thanks: 2 Thanked 7 Times in 7 Posts	Re: How have you prepared? we'd like to be saving more, unfortunatly DF is still on first year pay for another month (hurry up July!) Once he gets on second year pay we're going to be stashing away most of his paycheck and living like we're still on first year pay. We'd like to get about 6-8 months worth of comfortable living saved up. The nice (and not nice) thing about first year airline pay is that if DF should lose his job, his income can be replaced easily by working at any retail store in town (or at the ski resort or whatever) __________________

05-23-2008, 11:32 AM	#3 (permalink)
amelia Jetgirls Plus Member Join Date: Jan 2007 Location: Denver Posts: 556 Recipes: Thanks: 1 Thanked 7 Times in 7 Posts	Re: How have you prepared? We are going to do a refi on our house next month b/c we also have an adjustable rate that is due to start adjusting in July. For the past few months, we have been putting extra money into savings. We our tax refund and that tax rebate into savings. Any bonus that DH got from work into savings as well. We are trying to save up 3 months worth of COL. We think we will have that saved up by early next year or so. I'd like to keep saving as much as we can beyond the 3 months worth. We are also trying to cut back on what we spend in general. __________________ Wife to Joe and mom to Olivia (7.9.05) and Joey (3.5.07)

05-23-2008, 02:04 PM	#4 (permalink)
Mistress Trista Jetgirls Ol' School Member Join Date: Aug 2007 Location: Monterey, Tn Posts: 508 Recipes: Thanks: 0 Thanked 2 Times in 2 Posts	Re: How have you prepared? We're cutting back too, with anything we can. It's scary as hell and I'm afraid we're nowhere near the end. __________________ I tried to be good...but I got bored.

05-23-2008, 04:44 PM	#5 (permalink)
SeatClutcher Jetgirls Ol' School Member Join Date: Dec 2006 Location: Manchester, CT Posts: 827 Recipes: Thanks: 0 Thanked 7 Times in 7 Posts	Re: How have you prepared? I have an application ready to go to the Millionaire Matchmaker. __________________ Blog: a must-read letter to Palin "Freedom of choice isn't the same thing as being pro-choice." - said by a voter at the RNC

05-23-2008, 09:11 PM	#7 (permalink)
Amanda Jetgirls Plus Member Join Date: Dec 2003 Location: PHL suburbs Posts: 2,041 Recipes: Thanks: 12 Thanked 9 Times in 9 Posts	Re: How have you prepared? Nick too is worried sick.... literally. He's sick about "what could happen". I told him that we just don't know what will happen so you can't be worried every day of you life waiting for something bad! As for money, I pay the mortgage on the AZ townhouse and got out of an adjustable a few years ago. If you can refinance with a 30 year fixed that would be good. We're trying to stash away money but honestly all of it is going to our 'house fund'. For the houses we are looking at, if he loses his job it will be tough for me to afford the entire mortgage payment but we are confident Nick can get another job if God forbid he gets furloughed. I can also take money out of my investment accounts but that is something that we would have to do if we were desperate. __________________ Amanda Loving wife of Nick, an Int'l FO for Continental flying the 757/767 based in EWR!

05-24-2008, 09:02 AM	#8 (permalink)
Londoner Jetgirls Member Join Date: Mar 2007 Location: London ,UK Posts: 190 Recipes: Thanks: 0 Thanked 2 Times in 2 Posts	Re: How have you prepared? We're worried too. Thankfully, I can cover the mortgage and our bills on my salary - but that doesn't leave much for having fun! Having said that, my husband has other skills besides flying (he used to be a teacher) so at least he'd have something to fall back on if the very worst happened. Plus I'd move wherever we needed to if we needed to chase a job (to the middle east, or wherever) - life's too short to be apart. __________________ If you're on Facebook, take a look at the group "I'm a pilot's wife". It would be great to see you there! http://www.facebook.com/group.php?gid=2248801483

05-24-2008, 09:23 AM	#9 (permalink)
Mrs.Alchemist Jetgirls Member Join Date: Aug 2007 Location: Anaheim Posts: 385 Recipes: Thanks: 0 Thanked 5 Times in 4 Posts	Re: How have you prepared? Yeah, I'm pretty much in the same situation as you, Londoner... There's no way that a first year first officer salary could cover the bills anyhow, but it's something, and it helps... And, if we have to chase a good job in another country, well... Guess I'll be moving abroad... What can you do? I am really glad to know that life will never be boring! That scares me more than the unknown! __________________ Mrs. Alchemist AKA Sarah http://www.myspace.com/sarah_and_lola

05-24-2008, 11:05 AM	#10 (permalink)
felly Jetgirls Member Join Date: Oct 2007 Location: Spring/TX/USA Posts: 170 Recipes: Thanks: 2 Thanked 1 Time in 1 Post	Re: How have you prepared? the boy is worrying himself sick. he's potentially got a spot as an fo flying a private jet for some company down here. he's worried about the stability of that job versus staying with express (versus pay, etc). i've brought up some really valid points about paying your own health insurance, etc. he has a lot to weigh out currently and i'm scared for him. we're not married, so it changes things a little, but i do want him to make the best decision for himself. i'm so new to this industry that all i can tell him is to plan for the worst and hope for the best. he didn't sleep at all last night. he was actually talking to me about it and i had to apologize because i was about to fall asleep. i'm really scared about this, you guys.

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