Hello everyone,
I recently found out that I’ve been laid off from my tech position. My annual salary was around $150,000 while living in Washington. I purchased a home last July with a monthly mortgage of $3,600. Including the HOA fees, my expenses reach approximately $4,100 monthly. Luckily, I secured a roommate last August who contributes $1,400 monthly, reducing my effective payment to $2,700. I will continue to receive paychecks until August, along with about two and a half months of severance at my regular wage. Unfortunately, the job market for materials/process engineers is sluggish, typically taking 5 to 6 months or more to find a new role. I doubt I will secure a similar salary in the future, given that my previous tech role inflated my earnings. I’m working on strategies to save significantly during this period. I also have $150,000 in stocks but prefer to reserve those funds for emergencies. When should I start considering the sale of my home if necessary? Currently, I have $40,000 in savings, but my expenses on therapy and courses diminished my ability to save more, especially as I tried to pivot to another industry.
Hey SpinningGear, what about exploring contract or freelance work in the tech domain while you’re on the job hunt? It might help bridge the gap financially. Also, have you considered renegotiating any mortgage terms until you find stable footing again? Keen to hear what others think!
Given your situation, maintaining liquidity is vital. You could consider reaching out to your lender to see if mortgage forbearance or deferment options are available, allowing temporary relief while job searching. Another approach could be to explore financial assistance programs or job retraining schemes, as they might provide both monetary help and new employment opportunities. Furthermore, since you secured some severance and savings, it might be wise to create a detailed monthly budget, focusing on essential expenditures. Proactively managing your finances can maximize your savings buffer during this transition.
Hey, have you thought about temporarily renting out your property as an Airbnb to cover more of the mortgage? It could help while you find a stable job. Also, networking with alumni or industry groups might help find job leads. Hope things turn up soon for you!