If you are someone who is currently in this position, this article is for you. Today, we will talk about the practical steps you can take after you have either lost your job or had a salary reduction.
Here are a few pointers that you can take into consideration:
1) Check if you’ve received all forms of remuneration/benefits from your company. If in doubt, reach out to your HR. Your local HR should be able to explain matters to you and guide you accordingly. Don’t shy away from asking what your entitlements are.
2) Reach out to the right government agencies for possible financial assistance e.g. Overseas Workers Welfare Association (OWWA). Inquire what you can avail of along with the needed requirements (so you can ready these when needed).
3) If you haven’t, grab a pen and start writing down your expenses. You need to have an understanding of how much you are spending on a monthly basis and where you can cut and save.
4) Be ready to make some adjustments in your spending habits. If you have been one of those people who like to splurge on a pay day, you might want to rethink those actions now. Do you really need to spend on that coffee in Starbucks?
5) Get your loved ones on board. There is no need to sugarcoat things. Do not underestimate the capacity of people, even children to understand that there are changes to be expected.
6) If you have a loan, reach out to your bank. Now would be a good time to arrange for an easier debt settlement with your bank. Speak to your loan officer to assess your options e.g. prolonging the payment period in lieu of reduced monthly payments.
7) Scan the job market and update your CV accordingly. Remember that there is no one-size-fits-all CV. Your CV should ALWAYS be tailored-fit to the position you are applying for. You can read our CV do’s and dont’s here.
8) Source for possible investment opportunities. Do your due diligence. Research. There are many opportunities out there for those who seek. If you find any potential investments, check the reviews from reputable companies. You may also consult friends and family.
9) While waiting, upskill. Study. Learn. You need not enroll in a college or university. By simply reading, or watching educational self-improvement or skill-enhancement videos, you would be in a better position to handle your next interview, let alone, your next job.
10) Network. We cannot emphasize this enough. ‘Your network is your net worth.’ Do not be shy to touch base with friends and contacts. You would be surprised that many people want to help. More on this here.
Times may be tough, but know that you are tougher. You should never stop trying.