Q. Two months ago, my husband’s company reduced his work-week to four days. Last week, the company put all employees on two days of work per week. Now we cannot meet our financial obligations. What can we do?
— Olivia
A. To quote a certain popular figure south of our borders: “It will get worse before it gets better.” With many financial institutions awash in red ink, it’s not surprising that other industries will follow. This past weekend made history, as Chrysler sought bankruptcy protection and filed for Chapter 11. The ripple effect will be felt in Canada, with many sectors directly and indirectly related to the auto industry.
Part of a family’s budget should have some contingency plan in place, in the event of circumstances such as yours. Under normal circumstances, the possibility of a partner’s job loss should be considered. In our economy, it is much more of a reality.
Your husband should consider other employment, full-time and part-time. Seek other family support, if they are able. Cut all expenses that are not a necessity.
