DAVE RAMSEY

Dave Ramsey says: Remember to be a team when tackling finances after layoffs

Jan 31, 2023, 1:00 PM

(Pexels Photo)...

(Pexels Photo)

(Pexels Photo)

Dear Dave,

Earlier this month, my husband and I both were laid off from our jobs within a few days of each other.

The layoffs were not our fault. The company is letting several people go as a cost-cutting measure. We cashed in an annuity because our finances have been tight, but the good news is he began training for a new job last week.

We don’t have children, so I am interviewing or filling out applications every day. Should we use the cash from the annuity to live on until things are stable again, or should we use it to pay off debt?

Anjanette

Dear Anjanette,

If you haven’t done so already, contact your creditors and explain what happened. Let them know the layoffs weren’t because either of you did anything wrong, and that you’ll get current with them as soon as possible. This is a scary situation you’re facing, so make sure you two keep the lines of communication wide open and encourage each other while you’re solving this problem.

The good news, though, is it sounds like things may be looking up. Support your husband all you can as he takes on his new job, and make sure you continue looking for work, too. A little extra money never hurts, so temporarily taking on a part-time gig while you’re looking for a permanent position isn’t a bad idea, either.

Of course, you need to be honorable and pay your debts if possible. But that may have to be put on hold for a while. Right now, the important thing is keeping food in the house and the lights and heat on. Hug on each other, stay determined and keep each other’s spirits up. You’re a team, and you’ll get through this.

Always remember, too, that prayer’s a good thing.

— Dave

ENDORSEMENTS

Dave Ramsey

Couple sits at table, seemingly planning out life....

Dave Ramsey

Dave Ramsey says: My wife thinks she owes me money

Struggling with financial tensions in marriage? Dave Ramsey offers insights on overcoming guilt and building a united front in managing debt.

3 days ago

Woman seeks financial support from father...

Dave Ramsey

Dave says: Work together, and increase expectations gradually

There are ways we can support our children financially without completely pulling the rug out from under them. Here are tips from Dave Ramsey.

5 days ago

(Pexels Photo)...

Dave Ramsey

Dave says: If you’re not going all in, stay out

Think twice before diving into that new business venture! Success requires a hefty 40-50 hours a week commitment.

10 days ago

(Pexels Photo)...

Dave Ramsey

Dave says: Seeking mediation with a neutral third-party advisor”

If someone close to you is having financial problems with their spouse, it might be best to refer them to a marriage counselor rather than insert your own advice.

12 days ago

In this week's article, Dave Ramsey talks about when to buckle down and climb out of that financial...

Dave Ramsey

Dave says: Getting out of a big mess doesn’t always feel good, but it’s necessary

Getting yourself out of a financial big mess doesn't always feel good, but sometimes, it's necessary to get back on track.

17 days ago

People sitting at a table, looking upset about bills....

George Kamel

The normalization of debt: How it happened and why it’s keeping you broke

The financial systems we trust benefit from our struggles. Break free from the cycle and rethink your financial game plan.

19 days ago

Sponsored Articles

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

...

Collins Comfort Masters

Avoid a potential emergency and get your home’s heating and furnace safety checked

With the weather getting colder throughout the Valley, the best time to make sure your heating is all up to date is now. 

...

Day & Night Air Conditioning, Heating and Plumbing

Valley residents should be mindful of plumbing ahead of holidays

With Halloween in the rear-view and more holidays coming up, Day & Night recommends that Valley residents prepare accordingly.

Dave Ramsey says: Remember to be a team when tackling finances after layoffs