Retrenchment is an everyday occurrence, especially in today`s current economic climate. It’s not something that only happens to people you know – NO – it can happen to you too. Have you ever sat down and thought what would happen to you or your family should you lose your JOB or income? Do you have a plan “B” in action? And how will you overcome something like that? For years now, people have started to realize there is no such thing as “job security” anymore. Company downsizing, acquisitions, and retrenchment seem to be commonplace. People continue to wonder if there is an end in sight. On the upside of this, it’s good to know what to do in the event it should happen to you. Here are the top tips:

Have a financial nest egg

There are so many people that don’t think about having money set aside in case they are part of a company layoff. This is one of the most important tips for surviving a layoff. You will need money to purchase the basics such as food, gas for your vehicle and paying bills. The ancient rule is to have at least three to six months worth of funds available in the event of something like this.

Better yet, try saving at least a year’s worth of funds there is also financial institution such as money lender in Singapore that can also be of great assistance a time like this.You will need to reorganize your finances. Make a list of the things that you need and the things that you can do without. Let your family know that there will be sacrifices everyone will have to make. Ensure them that everything will be okay.

Stay Positive

As you know this is easier said than done. However, your family needs to know everything is going to be okay. If you worry, they are going to worry which creates a lot of negative energy. This is the time when you will need to become focused. Now that the first reaction of shock is over and reality has set it, it is time to think clearly about what to do next. Remember that your time is yours now so take a week or two to look at your situation. Look at where you were before, where you were heading and where you would like to see your self. Be bold and think outside of the box you will be surprised at what you come up with.

Severance pay

Back in the day when people were being laid off, it was almost certain that they would get a severance package if they had worked for the company for a significant amount of time. The amount of pay would depend on how long they worked at the company. If your employer doesn’t mention it, ask them about it. Being able to get severance pay from your employer would ease the financial strain of surviving a layoff.

Look for employment

Unless you have a nice nest egg stashed, you must pound the pavement to look for another job. Attend job fairs and the unemployment office to get leads. It’s not an easy task, but you have to persevere and keep going. It’s important to be optimistic and hopeful even though it seems like it’s bleak. Surviving a layoff emotionally can boost your spirits and eventually, you will find employment elsewhere. When you get laid off from your job, your health insurance goes with it.

Go to the unemployment office

This is a step that you need to do as soon as possible and to get it out of the way. This will provide that extra income you may during tough times. Make sure your company has provided you with all the necessary paperwork, such as layoff notice/separation notice. Even if you don’t get severance pay, you will at least need to file for unemployment benefits.

This can help to tide you over while you look for another job. You will have some finances coming in. The sooner you file for unemployment benefits, the sooner you will start getting them. The amount of money that you would get is based on your previous salary. This too would help to ease some of the financial strain of surviving a layoff.

Consider a Career Change or Start a Business

Did you ever think that this layoff could be a blessing in disguise? You may have considered it before. However, you never pursued it because you had a job and didn’t have the time. There are several businesses you can start online for very little money. Do some research and see what you come up with.

Out The Box

For years you worked and lived in a box molded by your career and income. Now that you are retrenched you can break free of that mold and kick down those walls.It sounds and feels strange, but the reality is that you are now free, free to make your own choices free to live your life without any boundaries. This is the time to be creative so put your thinking cap on and think beyond those walls and boundaries.The best would be to take a pen and paper and start writing down your thoughts, break it up into the past and future, each with positive and negatives. WOW crazy! The past has more negatives, and the future has more positives.


In conclusion to all the above one can safely say that you are retrenched, but that does not mean total meltdown. There are effective ways to overcome retrenchment and job loss, and you do have choices, but it all depends on how you will use and leverage your choices. Each person’s needs are different, and only you will know what your needs are and what the solution will be, but the approach to the solution is always the same. Surviving a layoff is not easy for some people that are out of work. However, if they have families, they have to do whatever it takes to bring money in the home.

Singapore is one of the most expensive cities in the world. Aside from that, its beauty is beyond five hundred word essay. It’s also a vacation destination for most people of the elite population. However, budgeting when living can be a pain in the neck but do not fret: these are the 20 ways to save money in Singapore.

1. Have an automated bank savings account

If you’re fond of withdrawing cash from your ATM for no reason, then the best option is let the bank deduct certain amount to your saving accounts. Anytime your salary is deposited to the bank, your savings is updated.

2. Eat cheaply but healthy

You don’t need to spend beyond $5 in just a meal. You have to choose a place where it offers the best service. The cheapest but delicious food in Singapore are at Hawker Centre. For instance, you can be offered a $1.4 breakfast set. You get to save huge sum amount of money at the end of the month yet you have eaten like a king. You don’t need to strain your pocket too much to take a meal instead of saving it.

3. Be punctual in the morning to Catch Up the MRT free Ride

As the saying goes, early bird catches the worm, this is absolutely true. If you practice waking up early, you will be privilege to be ridden for free by the MRT riders headed to the city. As long as their cars catches you in their designated stations at around 7:45 am in the morning. You’ll save more than you can if you wake up early in the morning. They offer discounts (50%) also if you miss their timings.

4. Buy only when you have to

You often find yourself buying something that is not in your budget plan, you ought to stick to your plan and buy only what is necessary to you. Don’t buy something because your neighbor bought it. You’ll save dollars of money by making your budget clear and simple.

5. Plan for your Groceries

Buying groceries every day is hectic and time consuming. You can imagine how you usually go buy groceries daily. At times you may end up spending more than you had plan, thus purchasing them in stock can save you lots of dollars.

6. Avoid saving your credit Info Online

It’s obvious that when you expose your credit card details on shopping sites, you may end up making impulse purchases. You should avoid the auto fill mechanism and sort to go for the manual entry.

7. Have a smart plan on your expenses

Do you wake up in the morning without a plan? You need to plan any of your penny you wish to spend. Saving should be your main priority rather than spending. Make your savings and expense plan be simple, Measurable, Attainable, Realistic and Time bound.

8. Give yourself a saving Target

Of course, if you plan to make a handsome savings, you need to give yourself an attainable target. It will act as a motivation to your target.

9. Save even when paying out debts (don’t pile debts)

Don’t let debts discourages you to saving. Make a plan on how you will clear your debts. Ensure there is a systematic flow between your savings and payment of existing debts. Not at all should let debt prevent you from making your savings.

10. Take advantage of the free park and avoid environments that may encourage you to buy unnecessary items

You can easily take advantage of Singapore’s best recreational Centre and parks without paying even a single penny. Changi Airport for instance, is not only meant for travelers but also for non-travelers who wish to hang and have a nice time. It offers some of the exclusive services like free Wi-Fi and a 24-hour food court.

11. Implement 20-50-30 principle

I am sure you have heard about 20-50-30 principles, but if you intend to save money even more in Singapore then you better put into action.20% as the minimum of your income should go to your savings, 50% be used on your groceries and utilities, and a 30% maximum used for miscellaneous usages. For instance, a fancy wear.

12. Make your car as an advertising decal

Do you own a car and you are troubled or way it can generate income? Okay, then I will let you know. I don’t mean making your car an Uber/Grab driver. You rather turn your car as an advertisement decal. Companies like Movo, can take charge of your car and you can be paid up to $300 per month by just making advert deco on your car.

13. Use clothes rental services instead of buying new

At one point in your-time, you may need to dress to certain occasion. It’s much expensive to go get a designer wear for just one occasion. You can rent the cloths for the occasion for just less than $130 for a month. You will end up making huge savings out of the creative idea.

14. Prioritize your needs

What is it that prevents you from saving? If there is need that you think you have to acquire to motivate you to save then you need to acquire. Prioritize your requirements. The least priority items should come last after sufficient savings has been made. Sometime if you are in need of personal loan, you might end up turning to banks and even licensed money lender.

15. Sell unused clothes on Refash

Did you know you can make money by selling those clothes that you no longer wear? Refash buy all clothes at a worthy price. You will have made the biggest choice by making money out of unused cloths.

16. Go for functionality rather aesthetic

Make savings by going for functionality of item rather than its look and aesthetic value. If you are acquiring a second-hand item and it provide services that it should, then don’t let your muscles strain because you need to make savings first.

17. Take advantage of the free classes there at sport hub

Do you spent lots of money going for sports in Singapore? Be economical and save by going to Singapore Sports Hub for free. They offer the best services and you will be fit without straining your pocket at all.

18. Adopt option instead of buying a pet

Purchasing a pet is expensive in Singapore. Adopt a pet and you will have save life and money. No need of spending money for something that you could have acquired for free.

19. Buy second-hand stuffs

Change your mode of purchasing stuffs. If you can be offered a second-hand item at a lower price, then you need to grab without hesitation. With application like Carousell, you will be able to save much by purchasing an item you desire at an affordable price.

20. Choose the best but cheap ride service

Don’t pay for a private car ride rather than going for the carpooling option. Carpooling application like Uber, Grab and neck comes will high discount for their customers.