There has been a major mass layoff happening across the globe by multinational and Indian organisations that arose a major concern among the service-class workers. These firms include IT industries, Edu Tech firms, social media companies and other related sectors.
The fear of this recession sprouting out has sparked a massive layoffs and it wouldn’t matter if it is about a prominent company of the world. Even organisations like Meta, Twitter and Amazon have also laid off many of their employees.
We do not know what will hit next so let us just prepare for any situation that may come up and do some savings and investments to keep us out of trouble. Here are some of the best ways that answer your question of ‘How to save and invest amid mass layoffs season?’
1. Insurance
Although most of the good organisations offer health insurance to its employees, since we are talking about mass layoff, we should have one of our own. It is always a good idea to not solely rely on the insurance offered by our firm and get an individual one for ourselves.
2. Savings
The most important and neglected thing about money management is savings and as I mentioned neglected, we are up to no good when it comes to saving. It is suggested that we should save 30% of our income. If it is not possible for us, then we should at least put a set amount into savings. We can go with schemes like equity, gold, real estate, offshore investments and more where we can put our savings so they can work as assets and increase its value.
3. Maintain monthly balance
Keep a very close tab on your monthly expenses so that you can learn how much money you would like to spend and save. Also, you should always know where your money is going. Once you know where you are spending your money, you can cut down the unwanted expenses and put them into savings.
4. Boost your income
If you find it hard to survive on your paycheck, do not just sit back and wait for things to take right turn and boost your income. You can monetize your skills, interests or hobbies to make some extra money. You can also pick some part time work, freelance work or anything that might interest you while making decent money for you.
Conclusion
In this article, we learn how to save and invest money amid mass layoffs season. More than that, we learnt how we can achieve a certain financial goal so that we can have a secure future. Please take help from this article and make good money for yourself while putting it in the right place so that it can make more money for you.
Please share this article with people who really need to learn how to manage money.
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How To Check Your PF Balance With Five Different Methods?
