Saturday, January 28, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Personal Finance

How to manage your finances if you have lost your job

MtR by MtR
June 26, 2021
in Personal Finance
0


MUMBAI: Losing your job is a nightmare. It may seem diffcult to recover from such a bizarre occurrence. In a challenging phase such as this, it’s imperative that you pick yourself up, dust yourself off and start working on a plan that minimises your financial stress. This process will lend some stability to your life and free up mental space to figure out solutions that can work for you.

Here are some practical steps you could consider maintaining financial stability while you are between jobs.

Review your budget

It is crucial that you have your expenses under control during these times. Design a strict budget and categorise all expenses either as necessities or nice-to-haves. While expenses such as groceries, rent, utilities, etc., will be a priority; you may want to re-evaluate the need for having multiple streaming services or buying new technological gadgets for now.

Prateek Mehta, co-founder and chief business officer, Scripbox said, “While reviewing your budget, have an honest chat with the family. Make them your allies in managing expenses. This process would help you cut down on non-discretionary expenditure. Further this way, you can better allocate your resources to maintain liquidity and improve savings.”

Use your emergency savings

Building a contingency fund is pertinent to a sound financial plan. If you have been diligently putting money aside into your emergency savings, this is the time to utilise it.

“About 10-15% of your corpus can be in the form of cash-in-bank, while the rest can be tucked away or converted to a liquid fund. This planning will further help in generating some returns and can be accessed easily when required. Avoid investing in equity for short-term gains, as the risk involved is high. An ideal emergency fund should cover you for 6-12 months of expenses,” said Mehta.

Refrain from dipping into your investments

Even though times may be challenging, you should avoid dipping into your investments unless the situation is dire. Remember, it takes a long time to build savings and barely any to deplete it all. Liquidating investments can have a significant impact on your long-term goals such as saving for your children’s education or your retirement planning.

If possible, see if you can tide through with your spouse or any other family member taking on the financial reins for the time being. Alternatively, if you are due to receive a severance package, a small portion could be used for managing expenses, while the rest can go towards your emergency fund.

Tread carefully before borrowing

Remember that any new loan you take could have high-interest rates, eating into your savings and adding to the repayment stress. Prioritise critical existing loans such as a mortgage or car loan. Subsequently, consider paying off other high-interest debt or alternatively refinance them under a single loan.

In addition, use credit cards sparingly. Utilise the interest-free credit window and ensure that you settle the amount due in full and on time. Unpaid credit card dues can snowball quickly and further deplete your credit scores. They are often between 36-45% rates of interest.

Explore the gig economy

“Utilise your free time productively by seeking a supplementary source of income. If you have specific skill-sets, you could look for freelance gigs, part-time consulting opportunities or even monetising your expertise by creating online resources via blogs and videos. In today’s digital world, it is also the best way to be seen and heard,” said Mehta

“However minuscule, having a fresh source of income will not only help offset some expenses, but it will also be great for your mental health and self-esteem,” he added.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!



Source link

Related articles

Personal Finance Software Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist

August 10, 2022

Should your child do chores to earn an allowance?

August 9, 2022

Related Posts

Personal Finance Software Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist

by MtR
August 10, 2022
0

New Jersey, United States – Verified Market Research recently released a new report titled Personal Finance Software Market Insights, Size, Forecast to...

Should your child do chores to earn an allowance?

by MtR
August 9, 2022
0

Few topics in personal finance evoke such strong emotions as the question of whether or not a kid’s allowance should...

On rare days, markets rise 10%. How to make sure you’re there for it

by MtR
August 9, 2022
0

Gzorgz | Istock | Getty Images"It was the best of times, it was the worst of times." With those classic...

Kora, the Personal Finance App Just for College Students, Reaches 100,000 Active Users on Budgeting Tool

by MtR
August 9, 2022
0

CHICAGO--(BUSINESS WIRE)--Kora, a financial technology company exclusively serving college students, announced they’ve reached 100,000 active users on their Kora Insights...

Finance Services Sector Stock Recommends Bonus Issue, Rises 770% In 3-Years

by MtR
August 9, 2022
0

1. Choice International Limited Recommends Bonus Share In 1:1 Ratio The board of directors of the company in their regulatory...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter