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This is James and Meegan. Meegan is expecting a baby so she took 2 years off her job as a teacher.
Due to the economic recession, James was fired from his job as a software designer for a small business.
James was forced to take $30,000 out of his retirement account to support his family.
James and Meegan gave birth to another daughter and soon after Meegan went back to work to try and earn some money for the family.
James couldn't keep a stable job and the increasing cost of food, utilities and childcare wiped out a total of $50,000 from his retirement fund and he also ended up with a $35,000 credit card debt. The family was living off $580 a week.
According to Asic MoneySmart, James and Meegan needed to follow a few simple steps. Firstly they should have figured out how much money they have in savings and written a list of every expense they would have to meet in order to figure out how long their cash would last. They should have then checked if their jobs owed them any unclaimed benefits such as paid maternity or paternity leave. James should have reached out to friends/family for help instead of taking money out of his super, or applied for a bank loan.
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