Lost your job? These tips might help you get through the financial crunches...

Losing a job unexpectedly can sure be a bummer. With emotional and financial stress looming over our heads, it’s easy to fall into a state of panic. However, there can be a few things that can be done to sail through these tough times and making sensible financial decisions is, most definitely, a major part of the same.

So here are a few tips that might help you get through the financial crunches you might be experiencing as you try finding a new job

EMIs and Loans :/

Most of us have to EMIs and loans to repay. And paying them can especially pose a challenge without any constant source of income. However, you can consider talking to your bank on giving you a temporary EMI holiday or reduce the EMI amount and increase its tenure for some time. You can also consider taking loans from family or friends but taking a loan for a loan is a personal choice, and we would leave it up to you.

Think Savings!

This is no rocket science. You will most definitely have to save every possible penny from your savings until you find a new source of income. While some items on the list are everyday essentials, you can definitely let go of the items of luxury. It’s time to say no to Friday night parties, dining out, shopping or movies. Difficult, yes. But a kid’s gotta do what he’s gotta do, right?

Say no to credit cards

Admit it, it’s easier to swipe a card than handing out cash. Dealing with credit cards is especially harder as the amount may pile up and you might feel the pinch only when you have to pay it back. This is why we advise keeping your cards home and take cash on your rides instead to keep its flow in check.

Rescue your finances, consider the alternate

If the job search is taking longer than expected or you do not have enough savings to keep you going until you find a new job, consider taking up something temporary. For example, freelancing or taking tuitions can help you get that extra cash while not consuming a lot of time, also letting you focus on your job hunting. And you may never know, you might actually end up finding a new, permanent and alternate source of income!

To invest or not to invest…

If you are someone who has been investing in a plan that deducts a certain amount from your account in regular time intervals, say SIPs, you can choose to get them stopped for a while. However, if you are positive that you can manage this deduction well, without facing any crunches, it is always better to continue with them.

Positivity in mind, positivity in life

Losing a job is most definitely not something anyone would wish for. However, it is important to understand that it is just another hurdle and you can most definitely pass it. Be positive throughout this journey and consider this as a new opportunity to land up somewhere better. You can also utilize this time to learn new skills and up your game in the field you are trying to find a job in.

Pro tip

It’s always a good decision to have some buffer money saved with you. Losing a job is a life situation and can happen to anyone, anytime. Make sure that you save enough to sail you through at least three to four months without a job. After all, it’s always better to stay prepared, isn’t it?

Cedrus Wealth Partners would be glad to help you through these tough times. Visit us and we promise to give you financial advice in your best interest. Till then, we wish you all the best and a life full of new opportunities!

Cedrus Wealth Partners
Pune, Maharashtra.
www.cedruswealth.com