Are you handling with job crisis? here the important financial tips which you should follow

As we all know the economic condition and yelling demand of output despite of sufficient input. most of the industry including IT and Telecom gives an unkind reminder to review your finances and plan in advance to sure easy going life standard during such crisis,

1. put an emergency fund apart

Doing this will first of all safeguard you for the unseen and unwanted hazardous situation as well to feel relax for your own and your dependants security. Getting out the crisis may take few months or year so during your job you have to cut some block for these reuirements.
All of us will think now that how much should be our emergency fund then answer is , the household expenses for atleast 6 months. you have to cut down your discretionery expenses to create a buffer for this.
Park you funds in liquid fund for this need,

2. put your household budget with you

 consider the recent layoffs a wake up call and put a household budget in place. preparing such budget is not just accounting your income and expenses and making list of needs whereas as to set a minimum expense limit to maintain a actual living standard and to achieve long term financial goals efficiently.

3. dont compromise on this

 While planning and budgeting for our finances we start stopping such things which is not advisable like, our insurance premiums, mutual fund sip, retirement investments, investments for childs future.
dont cut these as these are the compounding investments and will take time to give benefit and if you will break it then staring again will be tougher.



POSTED BY,
SAKET KUMAR SINGH (Founder)

Lakshya Wealth Services
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