Streamline Your Document Signing Process with airSlate SignNow's Personal Contact Management for Quality Assurance

How to create outlook signature

I still remember that they actually quite vividly if you were approached by a manager and then given a letter you would know that you were chosen to be retrenched it's a very Sinking Feeling by 5:00 I was basically out of the company I was a quality assurance engineer in oil and gas and I was there for about 6 years when I got retrenched I was 32 when I was retrenched and um it was of course a shock uh some a bit of disbelief as well and you feel like why is this happening to me and definitely knowing that there was no more uh income coming in I knew that I had to take a very uh broad look at my finances and plan everything out in a way that I can maximize what I already have and ensure that I can last long enough until I get myself on My Feet Again with another show I really did not have too much uh personal expenses at that point in time other than food and travel transport and my uh bills I didn't have any dependence I did not have property so that was definitely not going to be a heavy commitment I just had needed to find a way to support myself and of course my parents I basically reduced My Lifestyle to really the pure you know just eating at Hawker centers at most if not uh I'll just stay at home and eat my mom's home cook food whether you're single or have a family to support having limited cash flow as a result of losing your job will require adjustments to your budget typically 40% of your income should be devoted to your expenses if you can reduce this further that'll be great the 30% you're used to you're using to repay your mortgage that might not be able to be changed right because is a fixed commitment same thing for your coverage uh that you are using that maximum 10% those figures may be a little hard to adjust but you can definitely reduce your expenses counting costs could mean doing without tuition for your kids or sticking to house brands in the meantime the retrenchment episode 8 years ago taught Elijah the value of income preservation you always have to build a second stream of income or a third or even a fourth it it all dep p and that kind of income will be invaluable if you ever lose your main income stream that period was when I started to really look at investing for income I actually bought my first Singapore Saving Bond the period I was retrenched and that Singapore Saving Bond actually paid me a little bit of money into my bank account I felt so good about it 3 months after losing his job Elijah found a new role in financial services since then he's focused on helping clients build income resilience if you can have at least 12 monal expenses in liquid form that is good if you are older you might want to keep a little bit more on the side it may be hard but you have to strip away all the ones you really have to strip gym memberships traveling by say private higher vehicle what's urgent are definitely builds that are coming up your power build your utility bill home bills and of course you definitely need to eat all these are Urgent everything else I will say is a case by casee basis for those with mortgage and policy premiums to pay for they could consider deferring payments if possible your cpf o account should have a buffer that can at least pay up to one year of the mortgage I personally keep more than that in my cpf account but I'm actually paying my mortgage with cash so if I ever need to switch it to cpf I know that my uh cpf has enough money to pay this off so if however you are the situation where cpf is depleted cash is also running low I would say you have to speak to institution that land you the mortgage and see if anything can be worked out they may be buil to offer you some reprieve in the aspect for certain type of plans it may not be possible to postpone your insurance in which case I would suggest instead of paying yearly you might want to change it to monthly so you give yourself some breathing space when companies let go of Staff some employees are eligible to receive retrenchment benefits if you receive a pay out it's best to leave it alone until your emotions settle down if you are able to you can look into lowrisk options to stash the cash you can leave it in the bank nothing wrong with that you can put it in a fixed deposit you could put it in some TBS ssbs nothing wrong with that you could do putting in money market fund if you wanted to you could use it to pay off loans if you are in the place where you actually manag to find a new job already uh then that that money is Surplus you can invest it right you can invest it for your future moving forward and maybe treat yourself a little bit you can actually go and take a sh holiday with it as well no one wants to lose their job but it pays to plan for the worst so the first step is to plan ahead make sure that you've got enough uh emergency funds make sure you got a float to take care of your dayto day and after that once you've taken care of that plan further by ensuring that you got a second string of income so that if your first one stops because you are retrenched you have a second string of income to continue to get by while you work things out some people take longer to find a job some people may be able to find a new job even months everyone moves at their own pace just make sure no matter what you do you're working on something that puts you back on that path where you can uh earn an income again to continue to support your family