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In recent times, the IT and start-up ecosystems have begun to face one of the most terrifying situations - layoffs. This is in anticipation of a scary phenomenon - recession.

And this word, trust us, gives all employees a lot of stress and anxiety.

In retrospect, why are these technology giants and start-ups laying people off? Because even though they may be different in many ways, they are facing the same problem - an unprecedented monetary crunch.  

When a situation like a recession arrives, we as individuals need to plan our way in advance to decrease its impact on our lives. 

Amidst all the layoffs and predicted recession across the globe, here are a few tips to save easily and invest smartly:

Put aside household budgets and daily usage budgets:

Keep a note of all your monthly/daily budgets and remove that aside as soon as your salary gets credited. This will help you keep a tab of the rest of your income. 

Take baby steps:

Small steps are the best ones! Start a recurring deposit with your bank for a small amount that you can bear every month, however much ever it is. This will help you inculcate the habit of saving and would not put a hole in your pocket. 

Start investing in mutual funds:

Putting money in mutual funds is one of the easiest ways to diversify your investments. And, SIP is a good option to start investing in Mutual funds. This is relevantly less expensive and risky than investing directly in capital markets. And, today, it is as easy as using a social media app.  

Bulk up your emergency funds:

Now, this is one of the most important steps. We generally are so optimistic towards many things and in the urge to stabilize financially, we often forget to put some money aside for emergencies. Well, an emergency could be anything, from layoffs to health concerns. Therefore, every month a fixed amount towards emergencies should be allocated and especially in an anticipated situation like this, one should increase their fixed amount towards this. 

Do keep in mind that we do not have to be anxious about the situation that is yet to come because it may or may not hit your organization. Having said that, let’s go by, as it is rightly said, "precaution is better than cure." Therefore, let’s just get up and take baby steps. For all your worries, always remember we, at LakshMe, are just a call away.