“I’ve just found out that my company is going to be laying off some workers next month, and I think that I might be one of the unlucky ones. If they let me go, my redundancy payment would be very small and I’m worried that it won’t be able to last for long.
“The only money I have is saved is in an insurance policy, which I don’t want to touch. What can I do if I get laid off?”
As we say in Jamaica, ‘trouble nuh set like rain’. Sometimes problems don’t come with clear warning signs like dark clouds before a heavy rainstorm. While I hope that your fears are unfounded, it highlights a need for a savings plan to give you cash in the event of any emergency.
Financial experts say that you should put aside money to cover three to six months’ living expenses in case of a medical emergency or job loss.