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Plan for a pink slip with these financial hacks

The recent spate of news of companies downsizing and laying off employees is disturbing. This could lead to a lot of stress and uncertainty, especially for salaried employees.

Though it is very difficult to come to terms with the emotional and financial impact of a job loss, we hope to ease your stress a tiny bit by listing some financial tips that can help you survive the worst-case scenario-  

•    If you do not already have an emergency fund,

set aside some funds to meet at least 3 to 6 months’ expenses.•    

Maintain a frugal budget and stick to it.

Reassess your expenses and cut back on unnecessary spending.

•    Take advantage of discounted prices and get the best deal when spending on essentials like groceries. 

•    Switch to basic/ prepaid plans for mobile/ data services.

•    Reduce your traveling expenses. Use public transport and carpool. 

•    Check your subscriptions. Save money by cutting down a few of them.

•    Know your financial status- your debt-home loan, rent, fees, tax liability, and the like. Pause investments that are underperforming.

In case of monthly EMIs that you are unable to service, contact your lender and reschedule or restructure the loan.  

•    Restrict credit card use as much as possible. Surrender the ones with higher interest charges. 

•    Ensure you have adequate health insurance. If you are covered only by corporate insurance, consider buying one for yourself.  

•    Invest time in upskilling. There are tons of valuable, free and low cost courses available that can be helpful to you.  It will help in finding a new job.

•    Have a hobby that you can monetize?

Maybe it’s time to start thinking seriously about building a side-hustle. 

Views and opinions contained herein are for information purposes only and should not be construed as investment advice/ recommendation to any party or solicitation to buy, sale or hold any security or to adopt any investment strategy.

It does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information.

The recipient should exercise due caution and/ or seek professional advice before making any decision or entering into any financial obligation based on information, statement or opinion which is expressed herein.

Mutual fund investments are subject to market risks, read all scheme related documents carefully.

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