Tips for managing your money after a job loss!

Tips for managing your money after a job loss: Due to job loss, your monthly cash inflow will be reduced drastically. So, slash your miscellaneous expenses first and eliminate whatever discretionary expenses possible. Pay for fixed expenses such as insurance premiums, loan EMIs, credit card repayments, and monthly instalments for mutual fund SIPs. Stop your monthly SIP temporarily if finances remain tight. In case of home or vehicle loan, you may ask your bank to reduce the EMI amount by increasing the loan tenure. Even though you have to prune your expenses, do not liquidate your retirement corpus. If you do not have an emergency corpus, use your bank savings to see this period. If that is inadequate, you can begin liquidating your existing investments by choosing wisely. Do not stress and stay strong. This phase will pass soon too.