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Unemployment and Emergency Fund Usage to Date

December 3rd, 2016 at 08:18 pm

DH has been unemployed for 15 weeks. So far I have withdrawn $14,000 from our Emergency Fund to live on. Of that $3597 has gone to pay for insurance premiums, $2970 went to pay for out of pocket medical costs the month we had no insurance, and the stuff insurance does not cover, $1100 went to cover 2 eye exams and 2 pairs of glasses, and $560 went to pay for dental. So $8227 of the $14,000 withdrawn so far has been for medical related expenses.

Of the remaining $5773, $1325 has gone to pay for utilities. $681 has gone to pay for storage. $292.92 has gone to pay for life insurance, $327 for our family gym membership, $91.23 for Netflix, $26.07 for hulu, $350.70 for our cell phones (4 phone basic plan), $242.46 for internet, $200 on feed and bedding for the turkeys, ducks, and chickens (the rabbits are self-supporting), $100 on toiletries, and the rest on groceries, which is about $700 a month or $2100.

Medical costs will remain high. There is no way around that, but we certainly won't have to worry about glasses again for a year or more and dental will be spaced out so we don't get a big hit all at once and will just be cleanings for the four of us.

So there is $6000 left in the Emergency Fund and then I'll have to start dipping into the $45,000 down payment fund. DH has had two phone interviews with one company (not an oil company) and is scheduled for an in person interview with them on the 14th. If he gets it, it won't pay very well, we'll still have to use savings, but it will help until he can get back on elsewhere. And it will be very valuable experience in the aeronautics industry.

The oil companies seem to be holding off on hiring until after the Electoral College confirms Trump as president. One or two have said they are waiting until after the swearing in ceremony, just to be sure. I don't think at this point the election results will be overturned, but the industry is very jumpy still. Hopefully they will be hiring by the time unemployment runs out. Unemployment has all gone to medical, not that it is very much to begin with.

We're getting by. It's hard to see our savings dwindle, but this is precisely what I worked so hard to save this money for. On the bright side it appears as if DH is going to get some sort of company bonus for the portion of the year he did work since they sent him the paperwork asking if he wanted to deposit it to the 401K or just be sent it as a check. No idea how much it will be. It's been running around $3800 for the last several years. With only 8 months instead of 12 months qualifying, it'll probably be 75% of that. Or less.

Whatever week we receive it, we won't get unemployment for that week as it will count as income, obviously. So that will stretch the unemployment out another week. If he does get 75% of the usual, that'll be $2850 which will stretch out our Emergency Fund a little while longer. Then we'll have our tax refund in the February since we always file immediately. We might be able to stretch through February without touching the down payment fund if the timing is right and DH doesn't get hired before then. One can hope.

4 Responses to “Unemployment and Emergency Fund Usage to Date”

  1. alice4now Says:

    Hopefully the expenses will slow down as anticipated, and DH finds a lucrative position soon. I can't imagine the stress that might go with the unemployment stint, but I bet having such a large emergency fund makes you sleep better at night.

  2. creditcardfree Says:

    Praying for your family!

  3. LivingAlmostLarge Says:

    Glad you can see the bright side of the bonus. How long until unemployment runs out?

  4. FrugalTexan75 Says:

    I hope the bonus is a large one.

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