Sunrise on the way to my last trip.
The F Word. That's right Furlough. It's everyone's least favorite word right now and with good reason, come October 1 when the government Cares funding act runs out it's going to be a ugly in the aviation industry. I know quite a few airlines (including my husbands) have sent out Warn letters (basically a pre-furlough letter) and my company recently said they needed business to be three times what it is right now just to break even. All this to say, prepare now. Sure maybe you won't be furloughed but if you have already cut back spending and started saving, what can it hurt?
So a few furlough tips and tricks.
First of all, Know your contract. Every airline contract is different in regards to furloughing. Pay, benefits, pass travel, notifications, and recalls plus more can be found in your contract. I know all this can be overwhelming and scary if you haven't been through one before but I promise it's not the end of the world.
Also your union will be a good source of information in the coming days, weeks, months, and maybe even years. Most unions (in my experience) have a lot of good advice and information on finding another job either in aviation or in another field.
It might be time to to sell your extra car/boat/motorcycle/ect. Consider moving to a smaller house, move in with parents, whatever it takes. I know of a few families who have already backed out of new house deals and sold extra vehicles they don't need in preparation for a furlough.
This is also a good time to take stock of what you have in savings and if possible start saving more before the furlough happens. Take a good look at your budget and see if there's anyplace you can trim extra's such as cable/gym memberships/any kind of recurring monthly bills you can pare down. Also try calling around for better car insurance/home insurance rates.
Always keep in mind "this too shall pass." My husband was furloughed after 9/11 as he had been at the company less then a year before it happened. Needless to say it's not like being furloughed (or potentially furloughed) is fun or easy. It absolutely is not, there will be days it sucks.....a lot. But it is always better to prepare for the worst and hope for the best.
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