Life,  Personal Finance

Things To Do Before & After Losing Your Job

I’m someone that loves to have a list of things to do before I start any task or whenever I want to do anything. It gives me the ultimate satisfaction to be able to strike through my things to do list after completing it.

I love it to the extend that I have my daily things to do/daily goals for my “move on” project after my husband divorced me 😛 I’ll update this one in another post later heeeee

Current economy in Malaysia is not doing very good and this not just affect our country as a whole but also affecting our lives. Staffs got laid, small business can no longer sustain and worst case bankruptcy be it to individual or company.

If you’re getting VSS (Voluntary Separation Scheme), it means you’ll be getting compensation by voluntarily resign from the organisation. Remember to use the compensation money wisely. Most of us get blinded when we have a big chunk of money before our eyes.

Normally before the unfortunate event starts surely there’ll be some rumors. Regardless whether the rumors are true or not, just prepare for the worst. Below are some of the things you could start doing pre-VSS/retrenchment

 

Before

  1. Apply for other jobs. Quite tough these days but no harm in trying and best of LUCK
  2. List out all your DEBT and commitments. Identify total expenses for you to gauge the suitable emergency funds required
  3. List out all your SAVINGS. No savings? Never too late to start now.
  4. List your GOALS. Say “RM10,000.00 as emergency fund” or “Start baking as side income”
  5. Start TRACKING your EXPENSES. Especially if you are the ignorant type before this. You’ll get some idea where your money went all this while (mine is straight to the tummy)
  6. Start creating BUDGET and don’t spend more than what you budgeted
  7. Control you expenses and cut down the unnecessary things
  8. Call AKPK. I know how some people think that getting help from AKPK is like a taboo. But would you rather go bankrupt or get help? lower down your ego boyy. 
  9. List out all possible side hustle you think you can do (don’t wait until after you lost your job to start all this) – Sell Coway, drive GRAB, sell your stuffs in Carousell and the list goes on
  10. Enroll yourself in classes that can contribute to SELF IMPROVEMENT or side income. Like sewing class, baking class or even Stocks trading class. It’s okay to invest in yourself as long as it is within your budget

I started hearing rumors on VSS starting last year after the election. Shifts in government has affected my workplace. Badly affected. What worried me the most is I just bought an under construction apartment plus my existing debt.

I straightaway went to AKPK and discuss with their consultant. I enrolled in Debt Management Program (DMP) where AKPK helps in restructuring my existing loans (in my case, my personal loan(s)). Instead of paying RM1700++/month, I’m now paying RM1000. So I get to save at least RM700++/month.

During the discussion, I was informed that they have a special program for those who has been retrenched. However, this was verbally informed to me and I have yet to experience (no worries, will update this once I get the full info)

Push yourself to be the best version of yourself. Be creative. Work hard and be resourceful when it comes to side hustle. Sell water filter (Coway, Cuckoo etc), enroll as part time insurance agent, bake cakes and sell to cafes.

After

  1. Pray to GOD and be calm. Trust the life process and things will eventually fall into places
  2. If you already own a house, you can use your Acc 2 EPF to pay for the installment
  3. Never ever cancel your medical insurance policy, if the premium is too high then survey for a lower one
  4. Seek help from AKPK. Trust me, they don’t bite. Don’t wait until it’s too late.
  5. Use cash wisely and follow your budget
  6. Find a suitable side hustle and make it as your main income. Remember that you have no choice now but to only depend on yourself
  7. Try to grow your own food. I know this sounds silly but trust me groceries these days can make a hole in your pocket. Imagine having to eat fresh veges, be zero waste and saves money 🙂

At the moment I still have job, I still enjoy having salary by end of the month but who knows what will happen next. Having emergency fund is not only when shit happens. You should start savings even in good times. As we know, life is unpredictable

I’m a single mother. I have no choice but to embrace this hardship for my daughter’s future. Sometimes you don’t know your true potential until being strong is the only option left. 

If life throws you lemons, you make lemon essential oil and sell it at capitalist price haha 😛

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