Manage Loans Better

Almost every salaried professional is obligated to certain monthly loans like Car Emi or House Emi. They expect the job to continue and thus, plan to pay off these loans at regular intervals. During Job loss, it becomes very difficult to pay these loans without earning.

Adhil Shetty, founder & CEO of BankBazaar.com puts the remedy as, “if you have a home loan, you can ask your bank if they can provide you a temporary EMI holiday. Another option would be to reduce your EMI amount and increase the tenure of the loan temporarily till you get a job. Although this is not beneficial to you over the long term of the loan, it can prove effective in reducing your cash outflow when you are out of a job.”

Avoid Cards, Use Cash

When out of job, your number of credit card transactions should decline. Credit cards facilitate you to meet the impulsive needs, hoping to pay off later. But standing in between two jobs, you exactly never know when you will earn the next pay cheque. Thus, booming the penalties and interests on credit card usage would make your immediate expense once you crack a job, shell off major portions. Hence, using cash will benefit you as you will tend to spend less and mostly on necessities than the impulse purchase list you make with the credit card.

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