God forbid you get laid off, immediately do these 4 things so you won’t be poor

Jakarta, Armfalcon.com – Termination of employment, aka layoffs, is one of the financial risks that can befall employees at both low and high level positions. And it’s no secret that, this will create new problems for our finances.

There are many reasons given by companies for layoffs. This could be because of work performance, or other things related to the survival and business of the company.

Even though there will be compensation received if you get laid off and you can also withdraw BPJS Employment, layoffs are not a pleasant thing for him. In order to secure our finances, here are four things we can do if threatened with layoffs.

Get to know the amount of our assets and liabilities

Re-record all types of assets that we have, starting from real assets (in physical form), and financial assets (savings, severance pay, mutual funds, stocks, and others). Note also the total amount of your unpaid debt.

Pay off these debts to reduce your expenses every month. However, make sure that you still have money in an account that cancover your basic needs for the next six months.

If the total debt is very large and the value exceeds your assets, and you yourself object to repaying the debt, negotiate with the lender to ask for relief.

Pay attention to your lifestyle

There’s nothing wrong with fasting for things you don’t need or spending money on activities self rewards.

When you lose income, focus on spending on things you “need” and must pay off (debt repayments, and house bills).

Watch out for variable expenses

Expenditures such as bills for electricity, water, fuel, and pulses are classified as non-permanent expenses. There are times when it increases or vice versa.

It is very important to control expenses like the one above, considering that we are more often at home during a pandemic, it is very possible that there will be an unexpected increase in electricity and water bills.

There must still be health insurance

Health insurance is part of the need that must also be met, more specifically the need for risk management.

Considering that the cost of medical treatment is not cheap, and will continue to increase every year, then at least have BPJS Health if health insurance premiums are considered too expensive for you at this time.

Don’t let your savings be drained or lost because of undergoing treatment. Remember that when you are laid off, the availability of savings is something that must be considered.

[Gambas:Video CNBC]


source: www.cnbcindonesia.com

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