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How To Manage A Job Loss
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Here is a video that handholds you on managing your family's finances when you suffer from a job loss.Edited highlights
0:26 In this video, we will give you actionable advice on how to manage a situation of job loss
0:53 A situation of job loss presents challenges to family finances
1:01 The job loss situation could be immediate or it could be a situation of an impending job loss
1:33 Preparation for a situation of job loss and detecting its early signs holds the key
1:50 Anticipation and planning for a situation of job loss helps you absorb the financial shock better
2:15 Cut backs in expenses such as off-sites, parties and travel could be the first signs of a company in trouble
2:33 Competitive pressures and technological changes may make any company's cost cutting moves inadequate
2:58 Delay in reimbursements and vendor payments are next level signs, indicating possible dangers of a job loss
3:36 The next higher level danger signal is when employee salaries get delayed
3:46 This is the time when you should be preparing your finances instead of panicking
4:03 In such situations emergency funds come in handy
4:09 Emergency fund is a pool of money that is easily accessible and can take care of 3-6 months of expenses
4:31 In case of fickle job security, it needs to be increased to 6-9 months of expenses
4:46 Your emergency fund should be enough to cover daily expenses, periodic expenses, EMIs and insurance premiums
5:16 You can get started with a regular effort to build an emergency fund
5:21 You don't need a large amount of money in a savings account. If you lose a job you don't need the money at once
5:32 Ensure that you have accessibility to about one month's expenses in the bank savings account
5:39 The remaining money of emergency funds can be in liquid funds
5:43 The remaining money of emergency funds can be in liquid funds
6:09 Liquid funds provide better after-tax returns than savings accounts
6:25 You won't be able to build an emergency fund overnight
6:29 Liquid funds provide better after-tax returns than savings accounts
6:39 Consider prepayment of loans to get the EMIs down
7:25 In case of a job loss, you can offer to your employers you working at a lower pay
7:43 This will help you cover your fixed expenses like EMIs till you can find another job
7:58 Your emergency fund and severance pay stays intact
8:08 You are helping your savings travel the extra mile
8:29 You can also offer to work in a different role for some pay
8:38 This will cover some heads of expenses
8:46 You are giving yourself time to work around this problem
9:26 Make sure you understand the taxability of your severance pay
9:43 Don't start using your severance pay till you understand the amount of tax you need to pay
10:04 You can draw from your emergency fund parked in a liquid fund, bit by bit
10:17 Don't falter on paying insurance premiums for life insurance, health insurance, accident or car insurance
10:32 Remember, when you are without a job or it is about to go, you are very vulnerable financially
10:54 Remember, in the event of any mishap you will be drawing on your savings
11:10 Don't default on your loan EMIs
11:14 If you default on your loans, your access or availability of loans in the future will be restricted
11:28 You can approach the lending institution and negotiate. Try to stagger the repayment, postpone or reschedule it
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