Money Talks Podcast: How to financially survive a retrenchment
Recently retrenched and worried that your savings may not tide you through until your next job? Here's what you can do.
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The shock of losing a job without any warning is usually followed by anxiety over the loss of regular income. What are your options if you are retrenched and how do you stretch your savings while waiting for the next job?
Sim Yong Han, senior financial consultant of Trust Advisors Group at SG Alliance, provides some practical tips.Â
The retention package is probably the most important thing that will tide you through this period. So you need to roughly estimate how much the amount is and how long it can last you before you actually have no money left.
Jump to these key moments:Â
- 00:33 Overview of Budget 2024 announcementsÂ
- 05:16 What to look out for in a retrenchment package
- 14:40 First step: Speak to your family
- 17:31 Which expenses to cut
- 20:15 Managing debt
- 25:13 Taking on part-time work
Source: CNA/ta
