You tune into the news one evening to discover that a hurricane has the potential to make landfall. They said it could happen in about twenty days. What do you do? Do you deny the possibility and keep living your life, or do you start to prepare now? You start to prepare.
This is exactly what I am doing right now. Recently at work, there have been talks of layoffs if the finances do not improve. I’ve heard this through the grapevine over the past three months, but nothing in writing to confirm the rumor. This, however, changed in the past week; upper management put it in writing. Because of this, I am officially stopping my debt snowball until the storm passes. I should find out if they will proceed with the layoffs by next month. Just to be safe, I’m looking to put it all on hold for the first quarter of 2011. If things still look cloudy, I’ll continue to stock pile money. Once things get better, I will toss all that I saved onto my debt and resume the snowball.
I’m going on a strict, written budget for the next couple of months. I’ll keep you posted.