lsmo_guy
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 23 Nov 2010
Location: Kansas City, MO
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| Financial question |
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Hi,
I found this site, while looking for answers to the following question.
I lost my job about three months ago. I only received a month's worth of severance. I have a decent amount in a savings account.
My question is, if worse comes to worse, is it a good idea to borrow against my house, or take out a home equity loan to help support my savings account until I obtain a new job?
I guess I am being paranoid, but I hear all of the stories about how people have been out of work for a year or more. I am just trying to cover myself and my family.
Or, what are my other options, until I find my next job?
Thank you for your replies!
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Tue Nov 23, 2010 5:12 pm |
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Crazyfinances
Member
Cash: $ 3.85
Posts: 18
Joined: 23 Nov 2010
Location: United States of America
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Sorry to hear about your job. But don't worry and keep a positive attitude. About your savings, I would not suggest that you take loan against your home, unless, until it is extremely necessary. Use your savings intelligently and avoid unnecessary expenses unless until you can afford them.
I know it will be hard, but when the going gets tough, the tough have to get going!!!!
All the best
Budget Planner| Finance & Your Life
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Tue Nov 23, 2010 6:49 pm |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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I agree. Don't borrow against your house. Your house is also your home. You lose the house, you lose your home.
Aren't you eligible for unemployment benefits?
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Tue Nov 23, 2010 11:32 pm |
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Roksana
Full Member
Cash: $ 10.30
Posts: 59
Joined: 26 Oct 2010
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There are seven financial questions you need to ask yourself in order to improve your financial well-being. If you want to get your money under control, you need to take steps right now to manage your finances. Too many people just get by. They live paycheck-to-paycheck. They are charged up on credit cards and no longer can afford the things they really need.
south shore savings bank
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Tue Nov 30, 2010 3:27 am |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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That post would be considerably more helpful if the seven questions were listed.
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Wed Dec 01, 2010 6:39 am |
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Moodyxh
New Member
Cash: $ 1.00
Posts: 5
Joined: 17 May 2010
Location: MN
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Borrow against your house is the last option you should consider, what you should do first is try your best to find a good job. That's my opinion
My website: www.blazevideo.com
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Wed Dec 01, 2010 9:04 am |
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