A man who lost his job two months ago with only Rs 6 lakh in savings has sought the internet’s help in navigating the difficult period amid financial stress. In a social media post, the man detailed that he was laid off in March with a ‘decent severance’ package, but finding a new job was proving to be a difficult task. With time running out, he wanted clarity on how to spend the remaining money without destroying his ‘financial future’.<\/p>\n
“Was laid off in March. Got a decent severance but it’s running out. Total savings including severance is around Rs 6 lakh,” the user wrote in a Reddit post, adding: “No EMIs. Rent is Rs 12k. Monthly expenses around Rs 22k total. So roughly 6-7 months of runway if I’m careful.”<\/p>\n
Though he was interviewing for jobs, the man said it could easily take three to six months or even longer to secure another source of employment.<\/p>\n
“Actively interviewing but the market is rough right now. Could take 3 months, could take 6. Do I pause all SIPs? Liquidate anything? How do I protect what I have without making decisions I’ll regret when I’m back on my feet?” the man said, adding: “Has anyone managed a job loss without completely derailing their finances?”<\/p>\n
Check The Viral Post Here:I got laid off 2 months ago, have \u20b96L in savings, and no income. How do I make this money last while I figure out my next move without destroying my financial future?<\/a> As the post gained traction, social media users advised the individual to stop unnecessary expenses, pause investments and focus on upskilling for a new job.<\/p>\n “Cut down all unnecessary expenses, subscriptions. Food, roof and healthcare should be the priority. Pause investments, but don’t liquidate unless you are in need of cash. Invest money in finding a new job. Upskilling,” said one user, while another added: “I think use 10 per cent of that to upskill. Then think if anything else. That’ll have the best return on your situation.”<\/p>\n A third commented: “You should put your money in a liquid fund (very safe) that will fetch 6-7 per cent interest, and you can withdraw monthly from there. This way you can optimise your capital safe and earn interest.”<\/p>\n A fourth said: “Yes pause investments, as someone suggested, put money in liquid funds or breakable FDs. Don’t think about investments. I stopped all investments for 3-4 months I did not have job. The mental peace is worth much more than a mere 12-15 per cent in the market.”<\/p>\n","protected":false},"excerpt":{"rendered":"A man who lost his job two months ago with only Rs 6 lakh in savings has sought…\n","protected":false},"author":2,"featured_media":459669,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,25194,61,60,54865,174,175,2237],"class_list":["post-459668","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-financial-stress","tag-ie","tag-ireland","tag-job-loss","tag-personal-finance","tag-personalfinance","tag-unemployment"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/459668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=459668"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/459668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/459669"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=459668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=459668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=459668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
by u\/Wide_Sherbet2366<\/a> in FinancialPlanning_Ind<\/a>Social Media Reactions<\/p>\n