- Significant others? (and do they provide income? benefits? etc.)
I am married. My wife stays at home with our two kids, so no income. My 4 year old will be starting 3-day a week pre-school in a month. It has always been a goal of hers to stay home in the early years of our kid's lives and thanks to our frugality and a fairly sizable income, that has been easily achieved. She is looking at some part-time opportunities because of this current situation, ideally ones with health insurance :)
Congratulations on having great priorities! Having your wife at home with the kids in their early years is a very positive thing that many people don't get the opportunity to do. It may be time for your wife to enter the workforce if you don't find something quickly - and you get to become Mr. Mom. Having 1 year emergency fund will help you immensely. You will find that the money stretches as you tighten your suspenders.
I was recently laid off with a 2 week severance package. I'm collecting unemployment. I knew that a layoff was a risk in the small company that I was working with so I had a 6 month cash stash. I had counted on a much bigger severance, but with my PTO, severance, and wife's small income, I haven't had to dip into my 6 month stash yet, and it's been 3 months.
https://www.youneedabudget.com/ can be very helpful in times like this to understand your overall financial picture if you don't already budget.
Look into unemployment in your state - it will help financially, but beware... it comes with hooks. I recently had to sit through a 2 hour mandatory 'orientation' meeting that was pretty much useless for me. Ask questions about health insurance. Part of me wishes I had held off getting on unemployment as long as I could - just because there's so many damn hooks. I was fortunate that I was able to jump on my wife's insurance - but you don't have that option - so I can't help you there.
It's a scary feeling being laid off. I'm convinced that it's harder to find work when you've been laid off - regardless if it's because of your skills or not. So start looking ASAP if you know your job is in danger. Ask your boss for a positive letter of reference before things get funny - because they WILL get funny.
I have tried to start a company - but have found more dead ends than clients in my industry.
Finally - do something - maybe starting a company is a good thing for you to do. Sitting around and worrying about these things is NOT a good thing to do - especially when you have your savings. Don't be afraid to spend some money on things that have a high payback rate. I've kept my fishing license and rec center membership active. The rec center is expensive but I find a lot of joy in both. I've also done a little work on the cars and the house. It's a little bit pricey, but it's not horrible and saves a bit once I do have a job in not having to outsource labor because I won't have the time.
Becoming involuntary unemployed is a very humbling experience. Best of luck!