Going Into Emergency Mode

Tyler says his wife just got the news that her company is going to experience significant layoffs within the next 60 days. She's the newest person there. Should they go into storm clouds mode?

QUESTION: Tyler from My Total Money Makeover says his wife just got the news that her company is going to experience significant layoffs within the next 60 days. She’s the newest person there. Should they go into storm clouds mode?

ANSWER: Yes, you are. It’s not unknown. It’s pretty sure. She’s going to lose her part-time job, and if that is part of your Total Money Makeover equation, if it’s a significant part of your income, then until she gets the other job, you’re going to have to push pause on your Total Money Makeover and build up savings as much as you can. When you get your income stabilized, then you’ll go to the next step and you’ll kick back in on the Total Money Makeover and push play again.