Monthly Financial Commitments
June 15, 2009 – 9:41 amI guess all of us who are working would have to bear the responsibilities of monthly financial commitments from utility bills to mobile bills to home and auto loans to insurance. There really is no escape and the variation for each individual is just in the quantum.
As I work from home for myself, I try to keep my monthly financial commitments as low as possible. Of course there would be fixed expenses plus allowances for both my parents, an obligation as a filial daughter, but for other frills that I could do without, I do without.
Recently, I read a report on Malaysiakini that more than a hundred engineers have been laid off when their company closed for business without warning. Imagine how these people are left in a lurch and how they would be able to meet their month’s expenses, especially their housing and car loans. It is all the more difficult when the employment market is so poor, we really can’t tell how long it would take for these people to be reemployed. I have friends who took at least one year before they managed to secure a job and that also at a lower position with a smaller pay cheque.
Have you thought about how long you can survive on your savings living a similar lifestyle like you are doing right now if you do not draw a paycheck at the end of the month?
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