I am 40 years old, working in IT industry, I lost my job since past year, I am still not able to get new job... I am faling to pay my monthly bills and EMI's Please suggest me how I can secure new job???

Ans: I'm sorry to hear about your job situation. Managing finances during such a time can be challenging, but with a strategic approach, you can navigate through it.

Immediate Steps to Manage Debt and Expenses
1. Prioritize Payments
Focus on Credit Card Debt: Credit card debt often carries high interest rates. Prioritize paying off at least the minimum due to avoid penalties. If possible, pay more than the minimum to reduce the outstanding balance faster.
Car EMI: Contact your lender to discuss the situation. Some banks may offer temporary relief, like a moratorium or reduced EMI, until you secure a new job.
2. Emergency Fund Utilization
Use Savings Wisely: If you have any savings, use them to cover essential expenses like EMIs, rent, and groceries. Prioritize your payments based on their importance and the interest rates associated with them.
3. Cut Down on Non-Essential Expenses
Trim the Budget: Review your monthly expenses and cut down on non-essential items. Every saved rupee can help you manage your debts and maintain cash flow during this period.
Exploring Income Sources
1. Seek Temporary or Freelance Work
Freelancing or Part-Time Jobs: While searching for a permanent job, consider temporary or freelance work in your field. Even short-term projects can help generate income to cover immediate expenses.
Leverage Skills: If you have any marketable skills or hobbies, consider monetizing them. For example, tutoring, writing, or any side gig can provide some income.
2. Utilize Family Support
Communicate with Spouse: Discuss the financial situation openly with your spouse. They might be able to contribute more towards household expenses temporarily.
Family Assistance: If needed, consider seeking temporary financial help from close family members to manage your EMIs and dues.
Managing Credit Card Debt
1. Consolidate Debt
Balance Transfer: If one of your credit cards offers a lower interest rate or a balance transfer option, consider transferring your high-interest debt to that card. This could reduce the interest burden.
Debt Consolidation Loan: If possible, consider taking a personal loan with a lower interest rate to consolidate your credit card debt. This would allow you to have one EMI with potentially lower interest.
2. Negotiate with Credit Card Issuers
Discuss Payment Plans: Reach out to your credit card issuers and explain your situation. Some banks may offer hardship programs, reduced interest rates, or an EMI option on the outstanding balance.
Protecting Your Financial Future
1. Avoid Accumulating More Debt
Minimize Credit Usage: Until you stabilize your financial situation, avoid using credit cards for purchases. Focus on living within your means and sticking to a cash-based budget.
Pause Non-Essential Spending: Delay any non-essential purchases, such as luxury items or vacations, until your financial situation improves.
2. Keep Job Searching
Persistent Job Applications: Continue applying for jobs and networking within your industry. Use online job portals, LinkedIn, and industry contacts to increase your chances of finding a new position.
Skill Enhancement: Consider using this time to upskill or take online courses to increase your employability. This could open up new job opportunities.
Final Insights
In this challenging period, focus on reducing your debt, managing your expenses, and seeking alternative income sources. By staying disciplined with your finances and persistent in your job search, you'll be able to navigate through this difficult time and emerge stronger.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: Hi Mukesh,
Please share your skills and experiences. I will advise accordingly.

Ans: Map your wins. List five projects where you drove revenue, cut costs, or built a team. Those stories will anchor every résumé tweak and interview answer.

Phone five former managers or clients this week. Ask: “If you had a three-month problem I could solve, what would it be?” Short gigs often reopen doors to full-time roles.

Target midsize firms and family-run businesses; they value experience over age and hire quickly.

Who in your network hires people like you?
You carried a career for decades; the market still needs that muscle. Tighten focus, act in short sprints, and momentum will build.

Ans: I truly feel for your situation it’s not easy to go through this, especially after giving so many years to your career. The tech world is changing fast, and while mainframe experience still has value, learning new, in-demand skills like cloud, cybersecurity, or tech support can really help you bounce back. At Jetking, we’ve seen many people restart their careers, even in their 50s, with just a bit of upskilling and the right guidance. Please don’t give up you’ve come this far, and we’re here to help you move forward.

Ans: You have worked for 12 years in IT recruitment.

You have no job now and Rs. 8 lakh in debt.

You used to earn Rs. 55,000 and paid Rs. 43,000 as EMI.

You are not getting a new job because of qualification issues.

This is a tough phase, but it is not permanent.

Your experience is valuable and still has power.

Let us make a step-by-step plan to recover financially.

Step 1: Address Debt Pressure

EMI of Rs. 43,000 without income is not sustainable.

You must act immediately to avoid default.

Speak to each lender openly and honestly.

Ask for EMI moratorium or restructuring plan.

Request extension of tenure or reduce EMI temporarily.

Combine multiple loans into one personal loan, if possible.

Avoid borrowing more to repay old loans.

Do not fall into debt traps with new apps or money lenders.

Step 2: Look for Quick Temporary Income

Don’t wait for a perfect job to come.

Start looking for any income first.

Start freelancing in recruitment if possible.

Offer resume writing, LinkedIn profile fixing, or mock interviews.

Approach startups or small companies that need short-term recruiters.

Use portals like Internshala, Upwork, Freelancer.

Consider home tuitions, part-time work, or admin support jobs.

Reach out to old clients, ex-colleagues, or HR networks.

Try voice-based remote jobs or back-end remote work.

Step 3: Upskill for Immediate Employability

If qualification is the hurdle, solve it smartly.

Join short-term online certifications related to HR or recruitment.

Use free/low-cost platforms like Coursera, Udemy, Swayam.

Specialise in technical hiring, international hiring, or compliance.

Learn tools like ATS, Excel automation, LinkedIn recruiter.

Build your online presence. Share job openings on LinkedIn.

Consider virtual internships for 1–2 months if needed.

Add those to resume to show current skill usage.

Step 4: Analyse and Cut All Expenses

When income stops, expenses must come down too.

Prioritise food, medicine, rent, electricity, mobile.

Stop spending on dining, OTT, shopping, subscriptions.

Do not buy gadgets, furniture or upgrade anything now.

Check if you are eligible for any government subsidy.

Ask for help from family if needed—only for essentials.

Sell unused items online if urgent money is needed.

Step 5: Emergency Help and Community Support

Help is available if you look in the right places.

Check if any NGOs, women's organisations or church/temple trusts offer support.

Join WhatsApp/Telegram job groups in your area.

Some communities offer grocery kits or job referrals.

Visit local employment exchange or women's welfare offices.

Some companies hire experienced women on contract roles.

Step 6: Mental Health and Self-Belief

This is a hard phase. But it will pass.

Don’t keep everything inside. Talk to someone you trust.

Write your plan on paper. Take control mentally.

Avoid negative news, negative people, negative thoughts.

Take care of your health. Sleep on time. Eat healthy.

Set daily small goals and tick them off.

Step 7: Long-Term Reset and Financial Planning

Once income restarts, begin fresh planning.

Build emergency fund slowly. At least 3 months of income.

Use MFs only through regular plans with Certified Financial Planner.

Do not invest in real estate now. Liquidity is more important.

Avoid ULIPs and traditional insurance policies. They are not suitable.

Stay away from stock trading or risky options.

Plan all EMI, SIP, and insurance only after basic savings are stable.

Never keep more than 30% of income for total EMI.

Step 8: Learn From This Phase

This hardship can become your strength.

You now know the value of savings and backup income.

You have learned whom to trust and what to avoid.

You will make better money decisions once you recover.

Finally

You are not alone in this struggle.

Many people go through such phases in life.

What matters is action, not worry.

Small steps daily will help you win again.

Believe in your experience. Keep learning and applying.

Keep asking. Keep trying. Keep going.

Better days will surely return.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment