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Anonymous
I'm working part-time over weekends still. How should I approach this situation? What should I do if I lose my job?
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Just Being Ernest
24 Mar 2020
Content Creator at www.youtube.com/c/JustBeingErnest
Earn more, spend less, review finances
Earn more
Make sure full time job is stable
Get a part time job
Do side hustles
Spend less
Find out what are the non-essentials and spend less
Review all your debts
Review finances
Do balance sheet, cashflow and income statment of yourself
I make videos about interesting stuff at youtube hereβββ
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Pang Zhe Liang
24 Mar 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
Firstly, we need to have a complete understanding on our cashflow. Through this process, we will und...
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1) don't panic.
2) Check your expenses (average 3 months at minimum, if you can do full year that would be great). Note which are the fixed non-negotiable items (housing loan payment, hp bills, power / water, s&cc, tax, insurance) and average your other variable expenses (eg eating, recreation, travel, shopping). Work out how much you would need monthly.
3) look at your bank balance and divide by the monthly amount in (2).
Don't quit your job, hang onto as long as possible. If you lose your job, ask for retrenchment benefits. Work through the math and budget. Knowing your numbers will give you more confidence and helps you keep calm.
If you have more than enough time to do all the above, you can also try this - I do two budgets, one assuming (a) everything is normal, no loss of income, and (b) I will lose my job and the next one has a 30% pay cut. I plan out what are the things I will already cut to balance budget (b). Doing these two budgets have made me overall a calmer person.