Fiscal Friday: Managing Post-Layoff

I got my last paycheck last Friday, which was a nice one, thanks to all those vacation days that got paid out. Between our freelancing work, CodeMonkey's long hours at the office, and my final paycheck, we actually realized a decent net worth increase this month. The stock market also went bananas, so we realized a pretty massive paper increase in our retirement funds. We have about $1800 to go to meet my revised net worth goal for 2013, so I may end up increasing it once more.

When I got laid off, we'd fully funded my IRA for this year, and funded 60% of CodeMonkey's. I had enough cash to finish funding it and was going to make the transfer the day I got laid off. Instead, I shunted it into savings. I normally keep a three month emergency fund, but I was nervous about my job situation and had upped it to six months. It's at about seven months now.

Right now, any extra cash we make is going straight into savings. It is my hope that our freelancing, CodeMonkey's paychecks and my Unemployment Insurance payments will cover our needs with a bit to spare until I get a new job. COBRA is so extravagantly expensive that CodeMonkey added me to his plan, which has a $10,000 per person deductible, so I'm just praying I don't need much medical care between now and when I get a job.

In the mean time, I've nixed as much recreational spending as possible, returned a couple of online purchases bought before I lost my job, and hunkered down. I'm searching high and low for work and seeking new freelance clients, because the idleness of being home all day is driving me batty. I'm also looking into volunteering in the neighborhood in the hopes of giving back and getting to meet new people.