How poor of a financial position am I in?

-Quit my job earlier this week with a little over 5k saved up
-My biggest bills are my HOA fee and mortgage. Mortgage loan is on deferment up to 6 months due to covid & HOA office can postpone monthly payments. I’ll still be charged but no late fees and will have payment plan once I’m ready to start paying again.

  • I also paused my home warranty (can go 3 months without having to make payments, then would have to pay in full once I’m ready)
    -My remaining bills would be car insurance, electricity, food, gas etc

My ex job will still owes me a paycheck (71 hrs worth)…is this doable?

It depends on a whole bunch of factors that you don’t mention. Are you single? Kids? Do you have medical insurance? Are you asking about for 3 months or just for a week until you get another job? I have never quit a job without having another lined up, with the exception of when my husband was taking a job out of state and we had to move but I was fairly certain he wouldn’t leave me behind or throw me out on the street. All kidding aside, we have 6 months of salary/living expenses in the bank and I still don’t see anyone walking away from a job without another lined up. Yes, you have to protect your mental health but you also need food and water. If you get sick or hurt, that $5,000 may not even cover medical bills if you don’t have insurance.

I am single no kids, I no longer have medical insurance but made sure to get my eye exam out of the way before my benefits were cancelled. Hoping it takes no more than 3 months to find a job

You can stay in your residence, since mortgage and HOA are suspended. You can apply for food stamps and Medicaid (if your state took the expansion) to help you get past this time. You might still be able to get unemployment, if you can claim that you had to quit out of fear of Covid. You shouldn’t have any trouble finding a new job, if you’re willing to work - it just might not be the job you want. You may wind up having to sell the residence in the near future, but the rental market is VERY tight, so avoid that if you can.

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An eye exam is nothing compared to the cost of a hospitalization (which is why folks need health insurance). It’s not too late for you to fill out the paperwork for COBRA which you are legally entitled to which will extend your medical coverage until you find another job. It can be expensive- but not as expensive as getting hit by a bus without insurance.

You need to take the first reasonable job that comes along as Parentologist points out- reasonable meaning comes with a paycheck, starts immediately, and has health insurance.

What was your plan and why would you quit your job with only a 5K cushion???


Can you survive on $5000? For a day, yes. For a lifetime, no. Is there value in trying to figure out how long exactly? Not in my opinion. In my opinion, you need to, in order:

(1) Buy health insurance TODAY. If tragedy strikes tomorrow, you will be uninsured. COBRA may be an option, or you may prefer marketplace insurance (usually cheaper and worse).

(2) Find another job. @blossom is exactly right here.

(3) Make a budget. Look where you have been spending your money and from that make a plan on how you will going forward. If you don’t know how long $5000 will last, that’s a problem - no matter what the answer is.

Be aware that various expenses for which you are deferred will need to be paid eventually. That goes in the budget too.

How long $5,000 will last depends on how much your ongoing expenses are. That is the time frame you have to find another job.

As I mentioned on a separate thread, I would immediately contact your employer and do the following:

  1. Apologize for storming out last night
  2. Apologize for not following up the next day and acting unprofessionally
  3. Explain that you are experiencing mental duress
  4. Give them two weeks notice of your intent to resign
  5. Provide written notice 2 weeks out.

Hopefully they will agree. It is highly unlikely they will want to you to work the two weeks but you would likely be paid for the two weeks and have your benefits extended by a full month.

If not, COBRA will likely cost you as a single person close to $1,000 a month. If it takes you 3 months to find a new job that is 60% of your current available cash. You need health insurance or an unexpected medical emergency could leave you financially vulnerable for the rest of your adult life.

FYI there is typically a “look back” period for the COBRA premium payment. See how long you can wait before paying but I wouldn’t let it lapse.

You have put yourself in an extremely precarious position. Immediately try and fix it to the extent possible!!


FWIW, I’m on the other side about COBRA.

Start your job search today? Yes, quickly. Pay for COBRA during a 3 month job search when you can’t pay your mortgage? No.

Personally, I’d rather have a home with a mortgage and lower credit (due to unpaid medical bills) than lose my home but have my medical bills paid.

Best case scenario is you get a new job quickly and can pay both your mortgage and insurance.

  • Of course this assumes you have no ongoing medical conditions that make insurance impossible to temporarily live without.

There are millions of jobs available. Probably not what you want to do, but no job is beneath a person who needs to support himself and/or his family.


Are you eligible to be added to a parent’s insurance policy? Are they willing to do so?

If you need to put your mortgage into deferment, that suggests you are in over your head with homeownership. Yes, the rental market is tight, but at least it’s flexible as far as the location of your next job. If you don’t need to bring cash to the table to sell your home, perhaps you should do so. $5,000 in savings is what to have on hand to cover an unexpected home repair.

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Sorry to state the obvious, but this is something you should have worked through before you quit your job.