What if I lost my job today?
Let's have a reality check.
My current major expenses will be my housing loan and car loan. For housing loan I can utilize my CPF to pay for it for the next 10-12 months, so no major issue there. However for car loan, I have to fork out cash to service the loan.
Secondary expenses will be my credit card outstanding. If I lost my income now, I will try to pay the full amount for the next 1 to 3 months. If I am not able to land for a new job in 3 months, I will pay the minimum to reserve some cash.
While looking for new assignment, I can consider working as Grab driver, but I will have to obtain a PHV license first, and that will cost me some money and at least 2 months to get the license. Perhaps I should consider getting this now just in case.
With these strategy I think my cash saving can last for at least 12 months. The down side is I will be slipping away from my retirement saving target.
I think I am OK to take a career break if I really want to. But since I need to focus on my long term goal, which is to build up my retirement saving target, I will compromise to the current situation and continue to cope with the stress from work.
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