When one loses a job it is a whole new change in their lives, which means that they have to adjust to a certain lifestyle till they get the another job. They have to scale down on how they spend money, until they get a new job. Working is a healthy thing for all of us and it is important that people are occupied by something they like to do called a job. The rewards of working are many but one of the main one is in monetary form, everyone will be motivated to go work and earn, at the end of it all there is a reward in form of a paycheck.
One should be therefore wise to start a savings plan the moment they get their first job, in this unsteady economy we live in one can lose their job within a day. That is why it is important to save for those hard times of having no job and yet one has to survive and still pay for all the bills at the end of the month.
Savings come in handy at such times, the person will not feel the pinch caused by lack of employment, they will still be able to pay for their basic needs while they search for a new job. When one saves a certain percentage each month diligently, they will be able to sustain themselves fully without having to borrow money from anyone.
Savings will help the person be able to pay ahead for utility bills like water, power, house rent, insurance and any other bill that they have to pay for at the end of the month. When one has saved enough monies then they will be able to plan wisely during these hard times. They can cut down on the luxuries and only pay for their basic needs.
When one gets an emergency or if they fall sick and their medical insurance does not cover for extra expenses, then the person can pay their bills using the savings that they have at that particular moment. The say save for a “rainy day” this is a very common saying that many individuals should live by, because one may not know when that termination letter will land on their desk. It is wise to be well prepared for times when one has no job, and how will they survive financially? Since when one as lost a job they can not gauge for long it will be before they get back to work, saving a size able amount of money is a wise thing to do.