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Personal FinanceJob Lost? Your Financial Plans? See Here (How to Manage)

Job Lost? Your Financial Plans? See Here (How to Manage)

The covid19 pandemic hits the world adversely. Every sector gets affected adversely. It was seen that everything stopped. No any economic activity was going on. This leads to a great joblessness. Many people have lost their job due to the pandemic. The demand decreases in the society so that the supply. If demand and supply both will decrease then this may leads to unemployment. The companies try to slash down their number of workers. It is a truth that your work or income might freeze but your life will go on.

When you are leading your family then you have many plans for them. People often decided some important works and commitments which are totally depend on your job and earning status. The commitments that depend on the earning will definitely stop if you earning stops. Some of the ways we will discuss to control those commitments and plans.

When you have home loan burden

You may become jobless anytime but it is tough to say when you have it again. Many banks are providing the moratorium facility to their customers. If you are among them try to manage it from that if possible. Otherwise if this is not possible then try to sell out. This is not an easy game to play. But try to find the customer if anyone who want a house. If the same wants a home in loan then it will be more beneficial for you. The facility of bridge loan is provided by many banks. You may avail this facility to move out from this condition.

If you have car loan

By seeing the condition of the economy almost every banks are giving the moratorium of up to 31st August. First of all try to avail this option. It you find to repay the loan installment then continue it. The moratorium facility will not affect your credit score. The second option is that try to sell out your car to any customer who is looking for it. You may sell them and repay the money to the bank. This will benefit you. Take the money from them and repay it to the bank. But remember that this may hurt the credit score.

If you have SIPs and NPS

Everybody who is earning and able to save money are try to enhance the earnings. It is human nature that everybody wants more and more. By this nature many people starts doing some investment in different plans. If you have any SIPs or NPS but now you are unable to invest because of job loss. Then try to terminate the plan if possible. However, many SIPs and NPS are available who provide the termination facility and many who didn’t. The SIPs and NPS are quite easy to stop. You may go to the website and you may apply for the termination.

Job Lost? Now How to Manage Your Financial Plans? See Here
Financial Plans Image Source: personal-finance.in

The whole process of termination will take up to 2 weeks or even more. The process is same for both SIPs and NPS. There are some facility are provide to give some time to resume it again. If you are able to get this in this duration then your investment and plan will continue like as before. In this time you need to contact an expert regarding this field. They may give you some good suggestions and also try to explore all the facilities provided by the company in this condition.

What about insurance policies

It is considered as insurance is the best way to invest. Many insurance companies are available to give insurance to the public. People use their options to take insurance according to their income. There are many policies which give you the chance of termination before the maturity period. Many companies also give time period regarding the submission of premiums. If possible then you may do this. But if you condition doesn’t allow it then go and terminate the policy especially those which may not affect you much. But if you have any term policy, then try to continue it. Their premiums are less as compared to other. But if you will not pay the premium then this may leads to termination. Remember that there will be complete loss in middle termination of the insurance policy.

Well it is said times passes and it fills all the bad gaps which come in between. These bad days will also disappear in some days. We will start our every work in more positive manner and with a good kick.

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