Some company prefers to shutdown its factory because they have no money again. As consequently, they must fire the employee. The Employee must not receive the paycheck from the company due they have stopped works. It is a difficult time for employee to manage their finance. Here are the steps to manage the finance:
1. Use the emergency fund. If you have the emergency fund you can use it as the cash flow of your family. Some family may provide cash for three month, six month or twelve months in advance. If you provide more money for long term it is better.
A man supposedly has emergency fund especially they know that the company will bankrupt or the company will fire them.
2. Trim the spending
You have cash flow again. Trimming some spending may not generate money but it can save your emergency fund. Do not eat out again. Prepare the dinner is cheaper than eating out.
The cloth is also a high spending for some family. They want to have a good look. Buy some generic cloth can reduce your cloth spending.
Use some coupon to reduce your food spending. Scissor the coupon from newspaper and magazine. There lot coupon on facebook. The company facebook group promotes some sample product that you can use.
3. Generate money from other source
Being unemployment does not mean you are not working. Find any jobs that can generate money. Being volunteer may be a good idea. Generate five dollars a day may be useful for you. Some Non Government Organization may give you lunch at the middle day. Therefore, you can thrift some spending.
Surf in internet. There is lot information about freelance jobs. If you have skill, you can generate dozen to thousand dollars.
4. Adjust your investment portfolio
Evaluate firs your investment portfolio. If it can give you the money, you should not withdraw it. Use the revenue to support your live. If we have no jobs and we have no money, we will withdraw the investment. It is better than borrow money from others. You can withdraw or cash some investment for productive things for example business.
Change the risky investment from your portfolio or you can withdraw it as emergency fund. If you have a business idea, you can try it. You should know that business is risky too.
I hope you will get jobs again so you can stream the income again.
Read Also
Protect you from high inflation
Pros and Cons Budgeting Your Money
How employee make additional money
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