Managing Money During Tough Times
There are times when not everything goes as per your career plans
. You may have taken an expensive loan to finish your MBA only to find that no big job offer is immediately forthcoming. Although as a rule one must never settle for anything less than what one deserves, in certain situations when the job market scenario is rather depressing it is wiser to be patient and flexible.
To address specifically the issue of loan payment, it must be said that, ideally, if you do not know how you will repay a loan, do not take the loan. Now that you have taken a loan and your situation does not permit you a way to smooth repayment, try deferring your loan repayment. The bank will charge you interest for the deferred period. This would mean a greater loan repayment but you get time to plan your career and finances. Keep in mind that it is only a postponement, and not a solution in itself. If your parent has given the guarantee, keep them informed and let them know that you will not be able to meet the commitment either in full or part.
Continue to cut costs wherever possible. Carrying a credit card with you everywhere is not a great way of avoiding the temptation to shop. If you know you cannot resist the urge to buy, destroy the credit card. Get a new card when you have a job. By that time if you have learnt to live without a credit card, rejoice! An eight percent growth economy creates enough jobs. You will find yours, for sure.
In the meantime you need to continue looking for a job and, hard as it might be, it is always advisable to make certain adjustments. The following points may help to tide over the problem in the short run.
1.Go get any job: How you handle a phase of unemployment is a very important indicator of how you handle your finances. You certainly cannot afford to sit idle simply because you are not landing the kind of job you envision for yourself. Go get a job, any job. You may be an MBA or an MTech, sometimes you cannot afford to be choosers and you need to recognize when those times are. Settle for a small starting salary and accumulate experience that will only stand you in good stead. Stop thinking that a sales job is not for you. There are many well-qualified students who unfortunately have a preconceived notion that sales jobs are not exciting. As a salesperson you can gain experience at the grassroots level that will only help you when you later take on leadership positions. If you ever want to be a CEO, go and learn how to sell. While manufacturing a product is highly process driven, selling a product demands that you believe in it and the art of selling comes only through practice. Learning selling skills is very important the many managing directors who have grown out of the sales department are testimony to what selling teaches the salesperson. As a lone salesperson you need to have your wits about you and be genuinely passionate about the product. That is one very important characteristic that venture capitalists will look for if you are seeking funding for your project.
2.Big jobs, no salary: Some small companies are more than willing to let you work for a stipend or for free. If they offer you Rs. 10,000 per month, do not be defensive about your qualifications that you believe ought to be fetching you better salaries. Just take it. Get a foothold in a company and you have an opportunity to prove your mettle over a period of time. Offer to do some marketing or organizing. When your employer spots talent in you he or she will be certainly inclined to offer you a good package. There are umpteen cases of people who started small, very small, and gone on to occupy very senior positions.
3.Be insured: Ensure that your vehicle insurance, medical insurance, and life insurance payments are remitted. An insurance is always a good protection against unforeseen expenses or loss. In the long run it makes perfect sense to have insurance. So even during hard times do not skip your premiums or delay payments. Always make sure that you have a cheap term insurance and some minimum medical insurance at least.
4.Think positive: Learn to treat what is happening in your life with a dash of humor. This is easier said than done but you need to know that laboring over negative thoughts will only sap you of energy. Think of all the people who have weathered many a storm and emerged stronger. Tough times do not last, tough people do.
5.Move back to your parents house: If you have moved from your town to a city to study or take up a job, reconsider moving back. It is much cheaper to come to city for interviews instead of paying high rent living in one.
6.Learn some skills: Take up a course that will give you skills related to your work or just enhance your soft skills. It could be public speaking, dramatics, Excel, Power Point, basics of business finance, sales marketing, or written communication. See what you can learn for free or on the cheap. Learn everything that you think is transferable, all this can add up.
7.Be clean: You may be going through a rough time but that is no reason why you should take to drugs, alcohol, or even tobacco. Your past has a terrible way of catching up in your corporate life later on. Be clean. No drunken driving or getting into trouble for anything illegal. The damage these could do is bad enough, but you can make it worse by going on Facebook and gloating over your wild lifestyle. Employers do put their people to prowl FB for any blasts from the past.
8.Try all means of finding a job: If you rely just on job websites for a job, you are not likely to be very successful. Have a presence on online networking sites, be on Facebook, be on LinkedIn, just connect, call, meet and get a job. Also join groups that meet offline for face-to-face interactions. To keep in touch with the corporate world join any group that might help you network alumni associations, HR groups, or any other such groups. All colleges have (and need) such groups that meet periodically. There is a chance of meeting a potential employer if you put yourself out there among people who can suggest ideas. If you still cannot get a job be honest to yourself as there may be something wrong with your attempts.
by: raja
Facelift- Surgical Procedure For Fighting The Aging Process How Can You Make Use Of Salary Packaging Custom Foam Packaging- The Best Way To Ship Your Products Managing Your Wealth With A Private Banke Leveraging Lfts To Its Full Potential Why Salary Packaging Can Help You Today The Affordable Way To Aging Gracefully Jet Tec Ink Cartridges - Packaging Explained Managing Byron Bay Events With Elan Ease Your Life With Packaging Pouch Custom T-shirts- The Raging Fashion!! Managing Risks In Core Banking Replacements Put The Brakes On Aging With Expert Suggestions