- ISA
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- Cash ISA
- Savings
There are some pain associated with employees who becoming jobless because of the bankruptcy filing by there previous employer. New employers always identify that you are in need of a job and desperately looking for that. This will put you in trouble by drag your salary down to minimum by the next company.
Unexpected job lose are thus painful and enough to put anyone panic. Early, intelligent approaches to prepare a better shield to overcome such situation are the only possible answer to the above question. Little preparation can bring you to the safer side to grant enough time to get a better job as well as salary than the present.
At very first, you should keep the below point in mind:
Never be panic if such situation arises. A panic mind always does wrong actions and that will produce worst result than present. Better idea is to prepare an emergency survival plan by foresee any future problems that can make trouble to your smooth life. Take necessary actions to shield from such nasty situations.
Practice the following to secure yourself from such panic troubles:
Emergency fund
It is vital to create an Emergency Fund to tackle such situations. The fund should be saved in a separate account and sufficient to meet 3 to 6 months expenses. Prepare your monthly budget to identify monthly expenses prior to start this action. Once after identifying exact monthly expenses, this is the time to go forward with accumulating money to keep as your emergency fund. This will greatly help you to survive bad situations without jobs and will give you time to search enough support to take time and search a proper job.
Loan calculations:
If you are in the debt trap with loans, you should include the monthly EMI amount to your monthly budget prior to prepare Emergency Fund as I said earlier. Remember to not apply for any new loans once if you feel your company is inside the heating area and cancel any loan that you have applied previously and not reached to the finishing point.
Credit card debt
You should take extra care to not use credit card unusually. Credit card is the major trouble and that can scatter your entire financial plan if you don’t have control over the same. Remember to pay off all the credit card debt and also remember to not use credit cards till you are in a secure position. Don’t follow any new credit card offers for time being
Consider good investments
Good investments are always your best friends to give helping hands when you are running out of money. Practice to save and invest a portion of your salary in each month to build a good investment portfolio to get trusted financial assistance at your bad times. Well profitable and high liquidity investments can be considered as a part of your contingency fund to provide better safety to your life.
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