Many Indian startups and international firms are on a lay off spree

Check Out 7 Tips to be Financially Prepared for Future Layoffs

1. Build an Emergency Fund

Set aside a certain amount of your savings every month to build an emergency fund. Your emergency fund should be 8x - 10x of your monthly income so that you’re sorted for the next few months.

2. Spend Wisely

Even the CEO of Amazon, Jeff Bezos has warned consumers against big-ticket purchases in the season of recession. Try to avoid spending on luxury items and shift your focus on essentials you would actually need.

3. Create a Budget

Have a monthly budget and stick to it. This could bring financial discipline to your life and would refrain you from spending on unnecessary items.

4. Have a Side Hustle

Moonlighting is the talk of the town but considering the current situation having a side hustle could help you sail through difficult times. Your side hustle could be in the form of teaching, vlogging, etc.

5. Take Stock of Your Finances

Note how much you have in savings, FDs, PPF, EPF, etc. Use a calculator to check from which of these instruments you might need to take out some money during an emergency situation. .

6. Stay Low in Debt

During layoffs, paying off ongoing loans or EMIs could be daunting. If you have any ongoing loans, try to pay more in EMIs.

7. Buy a Health Insurance Policy

A health insurance policy could save you from draining your bank balance in case there’s an emergency medical situation at a time when you don’t have any steady source of income.

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