Job security is something taken for granted in the past. Unfortunately the present and future harsh realities attached to a Job are:
- Being laid off
- Getting dismissed
- Receiving your pink slip
Any of this can happen to you simply because the company wants to become more efficient, cut expenses or make short term profits. Losing one’s Job is the most stressful among various life altering events such as death, illness, etc. On an average, every professional receives a “pink slip” at least twice in his/ her career. The average time it takes to find a new Job is 6 months.
Keeping in mind that loss of Job is an unplanned event that inevitably happens in every individual’s life, a certain level of financial planning or preparedness for the event is desirable.
- Does your family have enough money to survive without an income for six months?
- What are your family’s priorities?
- What are the luxuries that you can do without?
- Are you prudent in your spending?
- Should you start saving to create an emergency fund?
- How much should you save?
- How long will it last?
Not only does the loss of a Job hurt your ego but it also adversely affects your financial security and derails your retirement plans. Loss of Job to most people is the toughest time of their lives because:
- Managing the needs of their families, while searching for a Job is tough
- The stress involved can take substantial emotional toll on the entire family
- The impact of bad financial mistakes made in the past is pronounced during this period
Instead of letting this ugly situation overwhelm you, be prepared for such an eventuality. ArthaYantra shows you the potential alternatives in such an eventuality and offers you suggestions to tide over the situation. Talk to our financial advisor about evaluating your financial decisions and creating an emergency fund to tackle the situation.
Using our online personal finance platform ARTHOS, you can make yourself financially secure from uncertainties in life like Job loss. It helps you in determining the emergency fund you need to build in order to counter such financial uncertainties.