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[infinity-compliance]

money management tips: 5 useful tips to manage your money after a job loss

Thousands of job cuts have been announced in the first one-and-half months of 2023. The layoff wave has impacted not only startups but also big tech companies such as Amazon, Microsoft, Google, and Twitter. As many as 380 tech companies have axed 1,08,246 employees across the world this year, according to Layoffs.fyi, a tracking website.Being laid off can be devastating. But don't panic. You need to sketch a plan for how to pay your bills, and EMIs and manage your finances till you get a new job. Here are some useful tips to manage your money after a job loss.1) Cut your expenses If you just got a pink slip, your monthly cash inflow will be reduced significantly. So, the first thing you need to do is slash your miscellaneous expenses. Stop ordering food frequently, cut down on going out every weekend and eating outside, and cancel the gym membership or OTT subscription that you hardly use, said experts. Eliminating all discretionary expenses in one go can be difficult, so try to reduce them to the bare minimum. For instance, plan a family movie night at home instead of a luxury meal outside. 2) Prepare a monthly balance sheet Make sure that you prioritise your fixed expenses such as insurance premiums, loan EMIs, credit card repayments, and monthly instalments for mutual fund SIPs. First, take stock of the savings you have. Then, you need to calculate your monthly financial commitments and liabilities. "Check and budget your savings in such a way as to have at least six months of survival money. After being fired, in all probability, it will take time to get hired," said Ankit Mehra, CEO and Co-founder of GyanDhan, an NBFC. If you don't have enough savings, then you need to prioritise your investments. Stop your monthly SIP if the finances are too constrained. For home or vehicle loans, you can request the bank to reduce the EMI amount by increasing the loan tenure. You can also inform your insurance company about your situation. Check whether they can alter the periodicity of payment of the premium or reduce the cover amount temporarily, suggested experts.3) Review your investment portfolio with a long-term perspective You need to cut down on your expenses. However, do not dig into your retirement corpus or long-term investment goals. "Look at how much you spend each month and see where you can save. Review your investment portfolio to ensure that it aligns with your current financial goals and risk tolerance. Make changes to your investment portfolio gradually and with a long-term perspective in mind and not make any drastic changes based on short-term market events or emotions," said Kartik Narayan, Chief Executive Officer - Staffing, TeamLease Services. 4) Money crunch? Go for loan against your investments, borrow from friends and family If you don't have an emergency corpus, use your bank savings to go through this period. If it is insufficient, you can start withdrawing from your existing investments. The interest on a loan against assets such as fixed deposit, PPF, insurance, gold, or property is usually cheaper than personal loans. For example, the loan from the PPF account has an interest rate that is 1 per cent higher than the current effective interest rate. So, if you request a loan against your PPF, the interest rate could be 8.1 per cent. Do note that other terms and conditions will be applicable to be eligible for a loan against PPF. At present, the interest rate on personal loans in any public or private sector bank usually starts from 10.5 per cent, depending on your income and assets. If you have invested in a mutual fund, you can also consider redeeming your investments. So, choose wisely in case you need some urgent cash flow."Ensure you don’t borrow money at high-interest rates thus getting into a debt trap," Sudhakar Raja, Founder, and CEO of TRST Score, a human risk mitigation platform.You can also reach out to friends and family to borrow some money to survive this period. You can always repay it later when you get a job again.5) Take care of your mental health "Layoffs are brutal. They bring with them a range of negative emotions that will derail you. Take one day at a time. If you are feeling overwhelmed, get in touch with your friends, family, or even a therapist (free resources are available)," said Mehra. Don't be discouraged by job loss Finally, do remember that being laid off is not necessarily a reflection of your performance. "Don't be discouraged by the job loss. Know that this is just one of the phases of an economic cycle. Apply for jobs in the sectors that are currently performing well. Hone your skills for higher job security," said Sumit Sabharwal, CEO, TeamLease HR Tech. Source link Read the full article

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[pradeepavantis1987-blog]

DGFT Updates

DGFT Updates : Director General of Foreign Trade Mr Amit Yadav has issued an amendment for import policy of cut flowers.  

The Directorate General of Foreign Trade (DGFT) on July 09, 2020 has issued a notification amending the import policy of cut flowers under HS Code 0603 of Chapter 6 of ITC (HS), 2017, Schedule -I (Import Policy).

Following table has been provided for the amendment of the import policy of cut flowers.

The import of the Cut Flowers shall only be allowed through Chennai Airport.

Do not stand a chance for any article or any message on the way to give you DGFT updates or any update related to any of the compliance . Because a smallest of miss of information can lead to the biggest of problem. So, grab your hands to the best of Compliance Solution – Avantis Regtech (A Team lease company)

Talk to us on 9999370962 or write us for more information, updates and for fixing the demo at pradeep@avantis.co.in and know how you can digitize your Compliance management.

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[pradeepavantis1987-blog]

DGFT Updates

Directorate General of Foreign Trade (DGFT) organisation is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign TradeThis Directorate, with headquarters at New Delhi, is responsible for formulating and implementing the Foreign Trade Policy with the main objective of promoting India’s exports

 DGFT Updates - Also issues scrips/authorization to exporters and monitors their corresponding obligations through a network of 38 regional offices and an extension counter at Indore. The regional offices are located at Ahmedabad, Amritsar, Bengaluru, Belagavi, Bhopal, Chandigarh, Chennai, Coimbatore, Cuttack, Dehradun, Ernakulam (Kochi), Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Ludhiana, Madurai, Moradabad, Mumbai, Nagpur, New Delhi, Panaji (Goa), Panipat, Patna, Puducherry, Pune, Raipur, Rajkot, Shillong, Srinagar, Surat, Thiruvananthapuram, Varanasi, Visakhapatnam, Vadodara and Vijayawada.

 DGFT Updates - Every Organisation must be updated with DGFT notifications as they prove to be key resource in formulation of policies for complete operations. Normally DGFT comes up with an update every day for various industries. It becomes very difficult task to manage and be updated with every notification and update. So, having support of a robust Compliance Solution is the key to every update which automatically integrates to your system for perusal. Businesses that use Cloud computing  will not buckle under the pressure of any critical situation in the present or future.

 Some Current DGFT updates are :  For complete updates ;www.avantis.com

 ·DGFT will roll out a New IT Platform on 13.07.2020 as part of Digital India Platform. Digital Signature(DSC)/Aadhaar based e-Sign will be required for applying and modifying IEC.

·DGFT has amended Para 4.44 of Foreign Trade Policy 2015-20 vide Notification No. 15/2015-20 dated 25.06.2020.

·Cabinet approves Private Sector Participation in the entire range of Space Activities.

·The Rubber Board organizes a free online training programme on fertilizer recommendation and manuring in rubber on 29 June 2020 from 03 pm to 04.30 pm. Contact through WhatsApp number 7994650941 or 0481-2353127.

 Talk to us on 9999370962 or write us for more information, updates and for fixing the demo at pradeep@avantis.co.in and know how you can digitize your Compliance management. #regulatory #regulatorycompliance #compliance #riskandcompliance #regulations #governance #compliancemanagement #complianceofficer #grc #regtech #boards #regulation #AvantisRegTech #TeamLeaseServices #TeamLeaseCompliance #cfos #companysecretary #companylaw #labourlaws #labourlaw #legalupdat