It is important to have emergency savings to tide you through unfortunate events such as a job loss.Losing your job can be a traumatic experience. Retrenchment can happen for all kinds of reasons, for example, when economic times are bad or your employer’s business is performing poorly or for reasons more specific to the person concerned.
Having some emergency savings will help tide you over the period of unemployment. Whether you have emergency funds to dip into or not, here are some ideas that may help you through this period:
These measures may seem tough at first sight, but they can help manage your finances over this tough time.
When you find employment again, make sure your priority is to rebuild your emergency savings. Always aim to keep 3-6 months of your expenses as savings at all times.
For more, please refer to: http://www.moneysense.gov.sg/Life-Events/Losing-your-Job.aspx
August 2016 11:26 am Joel Lim Seow Boon