Cut Down Expenses

Unnecessary expenses definitely need to be chopped off from the list till your job hunt ends. Parties, hangouts, luxury purchases like electronic gadgets and trips should be put off once out of job. As you cannot really compromise on the basics like food or medical needs, wishes and wants remain the only way to compromise and retain money.

On this note, Shetty advices, “A simple mechanism to implement this discipline is to force yourself to assume that your savings or emergency corpus has totally dried up and then to ask yourself whether you still want to make that discretionary spend. Even if such discretionary spend cannot be entirely done away with, they can be at least postponed until you find another job and build your savings.”

Use the settlement amount to build a buffer

While leaving a job, at the end of all transactions you are handed with a big chunk of money or a nominal one depending on your designation and the company you were working for.

Individuals find it like a lottery that came on the way with no notice and thus end up spending haywire. Some take a better decision of simply putting it in the bank.

The next way to use it is recycle it in earning more. Investments in local business, liquid finds or open ended MFs are healthy ways of multiplying the sum.

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