What Will You Have To Do If You Lose Your Job - Backup Plan in 2021

What Will You Have To Do If You Lose Your Job

I've almost lost my job recently. This is due to some misunderstandings. Fortunately, this misunderstanding is gone and I now manage to keep my job. I did not come here to talk about this What is the reason for the misunderstanding? But I wanted to talk about it. If I really finish my work, what is my backup plan?

When I got the news that I would lose my job, the first thing I could think of was how I was paying my bills, daily expenses, house loans, insurance, etc., happy  Fortunately, I saved some money for emergency purposes. I calculated that I could live for at least 6 months without a job. It gave me a little relief. In addition to some money in my savings account, I have some money in the stock market and unit trust.

I have some money in my home loan account. For your information my home loan account is a kind of flexible loan payment account. Whenever I pay more, use the extra money to reduce my loan principal arrears Will be done This will reduce the interest on the loan. But I can withdraw this extra money at any time if needed. I thought this was a great feature. I will pay extra in the loan account every month My goal is to settle a house in less than 5 years. So far, I have some reasonable amount in my account. It can be used as my backup emergency funds. At the same time it lowers interest on my housing loan I also help

Towards the main topic, I seriously think we want to have some backup funds for emergency purposes. Today, the financial situation of most people does not allow them to survive for even a month when they lose their jobs. You may think this is not necessary, but wait until you hit it Do Then you will know how hard it is. I would say we should have some emergency funds that allow us to live for at least 6 months if we lose our vital income