How to financially prepare for an impending tech or marketing layoff?
Impending layoffs in volatile fields like tech and content marketing leave professionals worrying themselves sick about whether their retirement savings will be enough. Anticipating a drop in income and a pivot to a less lucrative career makes it difficult to know how to adjust current financial planning.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
Found another way around this?
Share your steps and trade-offs so fellow engineers don't have to reinvent the wheel. No account required.
How to financially prepare for an impending tech or marketing layoff?
- 1Adjusting the budget to the expected lower income level ahead of timeDid this help you?
- 2Building up a large emergency fundDid this help you?
- 3Reducing expenses as much as possibleDid this help you?
- 4saving as much as possible in tax-advantaged accounts and emergency savingsDid this help you?
- 5building a skill on the side to earn extra moneyDid this help you?
- 6starting a business utilizing current promotional skillsDid this help you?
- 7Building up emergency savings accounts (HYSA)Did this help you?
- 8Planning for unexpected childcare or backup nanny costsDid this help you?
- 9Buying used baby gear instead of expensive new itemsDid this help you?
- 10Switching health insurance plans (e.g., to PPO) to cover pregnancy and deliveryDid this help you?
- 11Applying for the loan immediately while still officially employed and able to provide current paystubs.Did this help you?
- 12Avoiding the loan out of fear that freeing up the credit cards will lead to racking up double the debt during unemployment.Did this help you?
- 13Holding liquid investments and using them directly for living expenses during zero-income years.Did this help you?
- 14Placing funds into risk-free fixed-income vehicles like CDs to earn more than the mortgage interest rate.Did this help you?
- 15Taking on contract work, part-time roles, or lower-paying jobs to cover baseline living costs.Did this help you?
- 16Shopping for private market health insurance early to avoid expensive COBRA plans.Did this help you?
In their words
Unedited, grouped by where they were said, most upvoted first within each place, each linked to the thread it came from.
“So without getting into details, my SO (42) and I (44) only have about ~160k saved for retirement.”source ↗
“I just don’t think it will be enough, especially because of my profession (content marketing) where layoffs are frequent.”source ↗
“I honestly worry myself sick about job loss and savings.”source ↗
“Is there anything specific that we should consider or prepare for financially prior to trying to conceive, aside from building our savings?”source ↗
“I feel like compared to others we are in a realistically decent position, but still feeling unsure of if we’re missing something major.”source ↗
“I’m (35M) looking for suggestions on any changes to my current financial planning given that my job in tech is likely to disappear in the next couple of years, and I’ll probably be pivoting to something less lucrative at least in the short term.”source ↗
“The biggest loose end for me is probably what you'll do if you have to begin paying for daycare as it sounds like there won't be a stay at home parent.”source ↗
“I got notified I would be laid off a few weeks ago, effective at the beginning of November”source ↗
“As I’m thinking about my budget for the next few months while I look for a new job, I would really like to lower the multiple credit card payments into one personal loan payment.”source ↗
“Generally wondering a few things - is it bad to apply for a personal loan with my current salary that I’m about to lose? Will that hurt my credit score? Will it impact my application since I still technically make that salary but won’t in a month? Is it illegal to apply under (kinda) false pretenses?”source ↗
Where this came up
People with this problem also raised
- 5When should I prioritize cash savings over retirement contributions?
- 3Can I afford to take a career break?
- 7Where do beginners learn personal finance?
- 10How to handle emergencies with no savings and bad credit
- 2Should I take a higher-paying job if money is going to be tight?
- 29How to balance saving for retirement and enjoying your 20s