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Did you cut your salary due to the pandemic? 5 tips to avoid panicking and helping your bag

June 1, 2020

Read for 5 min

The opinions of the employees of s You are personal.

Did you cut your salary due to the pandemic? 5 tips to avoid panicking and helping your bagDid you cut your salary due to the pandemic? 5 tips to avoid panicking and helping your bag

It is not new that many people around the world are losing their jobs due to the pandemic and the related economic crisis.
Many are the others who have managed to keep theirs Jobsbut with significant reductions in your monthly income.

In times of crisis, it’s normal to feel insecurity and even fear, but the difference is that you only sit down or do something to regret because the situation is slightly better or more bearable.

The Economic crisis It is just beginning and more layoffs are still expected worldwide.

in the MexicoIn the first fortnight in April, between 5.2 and 8.1 million people said they had lost their jobs, needed to rest, or were unable to find a job due to their contingency. This was the result of a survey by the Research Institute for Development with Equity of the Iberoamerican University (EQUIDE).

It was also mentioned that 37.7% of Mexican households lost at least one member from their job or source of income, while another 30.1% believed that someone in their household was very likely to lose their job.

If you find yourself in this situation or think you could, I will share 5 tips to help you manage the income reduction.

1. Simplify your expenses

Image: Jp Valery via Unsplash

The first thing to do when you get less income is to figure out what monthly expenses you can reduce. This will help you keep your money transactions under control and not spend on things you don’t really need.

Do not purchase new debt, do not use your credit card to make unnecessary purchases (remember that this is money that the bank lends you and you have to pay) and do not make emotional purchases. Now you have to think coldly more than ever.

2. Sources of income

Picture: Josh Appel on Unsplash

Even if you still have your job and the same salary, keep in mind that nothing is guaranteed and less during an economic crisis. I recommend that you look for other ways to generate income. From the sale of a product or service that is currently the most in demand to the courage to work as a freelancer.

You may have to do work that you don’t really like, but it’s only temporary.

3. Talk to your family

Image: Les Anderson on Unsplash

Although it may seem like a simple or obvious point, there are many people who do not share these situations with their relatives, which does not allow everyone to become more aware of the situation. When you speak to them, you not only get emotional support, but you can also simplify expenses or generate another source of income. And in any case, your family will help make the crisis bearable.

4. Have a plan B.

Image: Olivier_Le_Moal via Envato Elements

Okay, you know that your salary has been reduced or that you could lose your job. Do you have your next move It’s okay to feel bad, it’s okay to be sad and cry, but we also have to make something happen. Create your plan B and examine the possible scenarios. This way you are better prepared. We have to go forward.

5. It is not the end of the world

Image: Clément Falize via Unsplash

I know it seems like this will take forever and the world will go under. But remember that we live in a world where economic crises will continue to occur.

Take what you can from experience so that you are better prepared and able to protect yourself in the future.

Perhaps you can now understand how important it is to invest, to take out life insurance, to spend large amounts of medical expenses … and all this gives you the opportunity to implement them in the future.

I know that the current situation is not easy, but if we are just sitting on a miracle and waiting for someone else to solve things for us, we will get nowhere.

Be careful, cut your expenses, find new sources of income and stay close to you so that this is not just bitter.

The decline in this business cycle will pass and we can gradually return to a new normal.