The most dreaded piece of paper in any office is the pink-slip. You have heard the rumors around that your company is in for some merger or take over and that you fear a lay-off. You panic what to do. Here’s 5 ways you can be prepared to take control of your financial situation.
Look at your monthly budget. Scan it properly. Can you trim it some where? Split your expenses into fixed and variables. Fixed expenses is that part of your expenses which has to happen every month like your monthly house rent, your kids school fees, your house hold helper salary etc. Variable expenses can be monthly grocery or taxi fare or expenses on entertainment. If possible, trim your variable expenses so that it covers up the loss.
Scan your monthly bills. Take a serious look on your monthly interests’ bills that you are paying. It would be wise to pay off few debts so that you do not land up paying interest rates for no reason. Shift to a little less opulent lifestyle and cut down your bills as much as possible.
Keep a track of your wallet. Know where every single penny is going and if you have an alternative to minimize that outflow. Of course there can be alternatives. No shopping spree and no feasting at down town.
Watch how you commute. You could avail a public transport for commuting rather than your cozy car. It pinches but that pinch is for a better tomorrow. If travelling by public transport is not your option, rather shift to a car with better mileage or which runs on electric.
Avail those policy benefits. Companies as a policy, usually give added privileges to the employees like free dental check up every half yearly or full annual medial check up with cost sharing. It is now the right time to avail these facilities and to get things done on a cost sharing basis rather than paying the entire sum once you are laid-off.
To be agile and alert helps you to plan and take a charge of your situation. Lay off doesn’t mean that a particular employee was less efficient. It just means a shift in management focus and strategy and for sure it opens up a new opportunity to you and your career. Take it up with positive attitude and you will see a plethora of opportunities opening up for you.
Best of luck,