Hi,

Treat it as a real rather than a simulated test of your level of readiness.

It's been commonly advised to have 6 month's of (Gross) salary as 'buffer' in case of being jobless. [Qns: Have you heeded that sound advice?]

1) For those who had bought the 'retrenchment' insurance prior. Try claiming if and where possible. [Please feedback to readers here if these policies work as advertised? or they 'siam' and quote you motherhood statements that jobs are plentiful and avoided paying you?]

2) Insurance policies: Good time to reflect if overpurchased. [Review if you should need more coverage, or should have buy term insurance rather than Life policy. You are now in better position to advice or plan for your kids' policy needs or loves ones. Remind them: They can be jobless too. Don't overcommit.]

3) Housing. Time to take stock if the present abode is reasonably acceptable, or to continue to chase and catch-up or better still, overtake the 'Jones'. Life's reflection. Do you really need or want to be committed into paying over $5K monthly [Work your own loan repayment sums] for a perceived 'better' quality of life, with sleepness nights worrying about meeting the payment due dates? [People usually have short memories. If you do get back into employment, do recall and remember WELL that you were ever made jobless, before you commit into buying that bungalows/penthouse, 'what-ever'.]

4) Cars. Similar to point 3. [Assume depreciation at S$15K annually for a new/fairly new continental car. Are you prepared to pay over S$2K plus for the loan?] Good time to reflect and ask yourself what is true freedom? Financial or mobility?

5) Materials needs vs wants. [Hobbies, boats, watches] Refer to point 3 and 4. Are these paid in full, or through credit card loans?

6) Take this time-out period to read widely. For free. Head to the public libraries. Read on personal financial management books. Self improvement books. Read the magazines on your hobbies. It will positively stimulate your mind.

7) Meet with your 'friends'. or those you assume are your friends. Best time to 'test' their loyalty. Will they buy you a simple meal, you being jobless now? Or they will avoid you? You can sense it well. Useful to know and reassess friendship. Needs based or character based.

8) Walk in the park. Use the club. The best things in life are free. Go figure. Meet and organise more events with your love ones.

9) There are minor but plentiful stuff you had always wanted to clear. Have you washed your air-con filters lately? What about cleaning the fans at home? Clear and tidy the storeroom? What have you disposed of at home lately? Repaired or send to be serviced electrical items?

10) Cooked meals at home lately?