I am prepared for 1 year of unemployment

We asked you, dear readers, to tell us how you are preparing yourself for the dark economic days ahead.
Vamsi, 36, an IT professional, shares his story:

I am married, but I am lucky I have no additional responsibilities.

My parents are comfortable and financially independent. I have no kids.

I have no pending loans to give me sleepless nights in these uncertain times.

In fact, post marriage, I had a put a reasonable savings plan in place.

And over the past 5 years I have built up a pretty healthy emergency corpus that will take care of my expenses for at least a year of unemployment without any drastic changes to my current lifestyle.

My other savings include standard instruments like fixed deposits, mutual funds and some stock investments.

Overall, I think I am in a pretty comfortable position at least for now as my job faces no looming threats.

Yet, I have decided to cut down on discretionary spending and build a bigger corpus.

This way I hope to prepare for more than two years of unemployment in the worst case scenario.

Despite this reasonably rosy picture, the lockdown has taken some toll on my mental health.

I am trying my best to will myself out of this desultory mode and be the person I was in pre-COVID times.

I hope things improve for all of us and we are able to return to the normal world soon.

Illustration: Uttam Ghosh/Rediff.com

• My Post COVID-19 financial plans

How are you financially preparing for the dark days ahead?

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