Losing our job can feel hard. No one should go through this feeling unsupported.
Sometimes life throws us into a season of uncertainty in the form of a job loss, a voluntary separation scheme (VSS/MSS), a big pay cut, or an unexpected financial crisis.
These moments can feel like winter, which symbolizes cold, uncertainty, and isolation.
But just like all seasons, this too shall pass. The crucial part is of course, when we are transitioning it we may feel like we can't see light or the end of the tunnel.
In this episode of The Financial Health Insights, Kevin Neoh walks you through practical steps to take if your income takes a sudden hit.
We learn about supporting ourselves through this crisis time in 5 steps:
What to do immediately after a job loss or major pay cut
How to build a survival budget and avoid panic decisions
What to do with your loans, insurance, and EPF
Ways to generate income (short-term and long-term)
How to protect your mental health during this transition
When we live through a winter like this, it is definitely not just about money. It’s also about regaining clarity, confidence, and hope.
If you’re in a tough season right now, this episode will guide you through it—one step at a time.
Resources:
Spotify: Money and Stress P1 - How to Break the Cycle
Spotify: Money and Stress P2 - How to Turn Money Stress into Money Success
Apple Podcast: Money and Stress P1 How to Break the Cycle
Apple Podcast: Money and Stress P2 How to Turn Money Stress into Money Success
Chapters
00:00 Navigating Unexpected Life Changes
02:11 Understanding Employment Loss
03:46 The 4 Seasons In Life
05:55 Acknowledging Emotional Responses
07:26 Immediate Steps for Financial Stability
11:24 Creating a Survival Budget
20:15 Managing Loans and Insurance
23:29 Understand Your Options Regarding Protection Plans (Insurance & Takaful)
26:12 Generating Short-Term Income & Reinvention
29:43 Coping Strategies during difficult time
31:35 Where you can get help & support?
33:19 Wrap Up - 5 Steps Action Plan