Poll: Could you quit your job and have 12 months backup?

Could you quit your job and have 12 months backup?

  • Yes

    Votes: 173 42.7%

  • No

    Votes: 191 47.2%

  • He's a bit of a nosey bugger isn't he?

    Votes: 41 10.1%
  • Total voters
    405
On savings alone I could go 3 years but I'd be watching the money slowly disappear but I'm retiring at 50 so I'm doing all I can now.
 
mrbell1984 said:
Trust me! For you lot with mortgages make sure you read your policy on when you can claim etc in the event of job loss.

Don't end up like me where I couldn't pay for 5 months because of their policy stating you couldn't claim until month 6. When I signed on I also couldn't claim from 32 weeks been signed on as they upped it!! Left me in a world of letter after letter every day.

My bed was full of them from been plagued even though I told them. I nearly ended up in court from bills I couldn't pay but luckily i found something just in time.

Do not sit on things, make sure you try to action them as quickly as possible. Redundancy money doesn't go very far!
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I can't claim for the first 90 days after redundancy and then only for a maximum of 6 months. So yes, thought that was a bit sneaky when I read the fine print but should've expected banks/insurances houses doing all they can to wiggle out of paying.
 
The terms of deferral period and claim period (the latter normally for up to 24 months) can be varied ad nauseam on typical ASU policies. Just understand your needs and make sure you buy the appropriate cover. Much better than finding out what you're actually covered for when you come to make a claim.
 
regulus said:
I can't claim for the first 90 days after redundancy and then only for a maximum of 6 months. So yes, thought that was a bit sneaky when I read the fine print but should've expected banks/insurances houses doing all they can to wiggle out of paying.
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Young and naive - trusted these companies especially how much they are making..

The_Abyss said:
The terms of deferral period and claim period (the latter normally for up to 24 months) can be varied ad nauseam on typical ASU policies. Just understand your needs and make sure you buy the appropriate cover. Much better than finding out what you're actually covered for when you come to make a claim.
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Yes, mistake was made once. Nearly lost everything I worked for. Won't be the first and not the last.
 
SlyReaper said:
It would wipe my savings, but yes I could last a year unemployed. Since I'm confident I would be able to find a new job well before that, it puts me in the "yes I could quit any time" camp. Not that I'd want to - my job is actually pretty cool.
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I only just realised you lived where I was!

Just moved from hotwells.

What you do out of interest?
 
Andrew_McP said:
So if folk feel like living for today and saving very little I'm not going to argue with them. Saving wouldn't have done Mum much good when it's £1000+ a week for a decent nursing home. In fact it's made me wonder about my own choices over the last 30 years at work. Tomorrow can be a scary place, and living for today is increasingly tempting.

Well, it will be when I get the chance again. :)
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£100k it cost to have my Grandad in a nursing home he didn't want to be in. He was devastated that his savings which were supposed to be my parents inheritance were being spent on prolonging his miserable final years. Thankfully they managed to win it all back with a lawsuit. It's made me wonder whether I want a pension or is it even worth it? Looks like I'll be 70 before I can retire by which point I'd rather have awesome memories to look back on than lots of cash. Hmm.
 
I actually did this 6 years ago when my son was born, best time of my life taking a year off with the new little one before getting a new job.

I couldn't afford to do it these days with 2 children and bigger financial commitments, could probably manage a year if needed but it wouldn't be fun!
 
Macky said:
£100k it cost to have my Grandad in a nursing home he didn't want to be in. He was devastated that his savings which were supposed to be my parents inheritance were being spent on prolonging his miserable final years. Thankfully they managed to win it all back with a lawsuit. It's made me wonder whether I want a pension or is it even worth it? Looks like I'll be 70 before I can retire by which point I'd rather have awesome memories to look back on than lots of cash. Hmm.
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A Guy at work has just retired and taken his civil service pension at 55. He decided it was better to get less for much longer than more for shorter. Plus he still has plenty of years left to have some fun. Still has to wait until 65 for his state pension though I think.

I'll probably do the same (if I get there and it still exists).
 
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I have been at the same company for 26 years, so i would get a good payout if the worst happened.

Also, i have made 26k in overpayments on my mortgage that can be reclaimed if i was in dire need.
 
I'll have about 9 months before I'll be actually impacted, longer if I scale things I do down...
 
Macky said:
It's made me wonder whether I want a pension or is it even worth it? Looks like I'll be 70 before I can retire by which point I'd rather have awesome memories to look back on than lots of cash. Hmm.
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How else are you going to afford to live once you decide or are unable to work?
 
At this moment 1 year easily with what I have saved up. That would include paying mortgage, all bills, eat normally and even go out every few weeks. My life is quite simple and therefore I don't need much to be happy :)
 
easyrider said:
Could you quit your job and have 12 months backup?

As in...Pay your way...

Choose a new direction? Move? Have the " I can quit anytime" in the back of your mind?

Is this an option for you?
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Yes, two years in fact, but 2 years would determine some things would have to go or downsize
 
We could probably just about scrape on one salary, but that would cut out holidays / luxuries. I like holidays / luxuries though :)
 
well did quit my job 3 years ago to move down here jobless ,now errr yes could probably scrape a year ,no morgage and id fill oil tank up first to keep warm and clean
 
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