Friday was an ominous day for us. On Friday, I learned that a company very similar to the one I work at had just laid off almost 150 employees. Rumors abound that this other firm may also be facing bankruptcy in the near future. This is a competitor firm that shares clients and markets with my firm, so this is frightening for me. My firm has indicated that it is not currently in financial trouble but one never knows what the future holds.
Friday was not good for Him either. Him’s employer notified workers on Friday that due to non-payment by their clients, Him’s firm is unable to make payroll for the first time ever. This means that Him did not get his regular paycheck, and we don’t know when he will. His firm has scheduled a firm-wide business meeting where the agenda will include a discussion of how their firm will weather the financial storm. We don’t know exactly what that means, but it may mean decreases in Him’s benefits or compensation.
In light of these developments we had a family finances discussion over the weekend. We decided that we are going to really buckle down and cut back on spending to try to conserve the funds we have.
Is the economic crisis getting scary for you, too?