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Ramalingam Kalirajan |11063 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jul 29, 2025

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by V on Jul 05, 2025Hindi

Hi I am 43 years old person has experience in pharma sector.But recently I lost my job .But in my situation I have to pay all loans , children school fees,regular expenses. I don't know I have to manage.

Ans: You are 43, from the pharma sector, and now facing job loss. You still carry financial responsibilities—loan EMIs, school fees, and daily expenses. First of all, appreciate your courage to think clearly even in tough times. Let us look at your situation from all sides and create an action plan that helps you bounce back.

? Understand and list your cash flows clearly
– First step is to list your current monthly expenses
– Include EMIs, rent (if any), fees, groceries, utilities, and insurance premiums
– List your savings and any liquid investments—FDs, RDs, or mutual funds
– Find out how many months your savings can support your family
– Note down all loan EMIs and their monthly amount
– Knowing your burn rate helps you avoid panic and plan calmly

? Immediate actions to handle job loss
– Cut all non-essential expenses immediately
– Delay discretionary expenses—vacations, shopping, subscriptions, dining out
– Inform family members about the situation and align spending priorities
– Talk to children maturely about budget control
– Check if you can pause any EMI with bank's moratorium facility
– But use moratorium only if needed, as interest will still accrue
– Explore options like converting large credit card dues into EMIs
– Avoid fresh loans, credit card spends, or gold loans at this stage

? Manage loans wisely
– If you have personal loan or high-interest debt, prioritise repaying that first
– Try to consolidate loans into a single low-interest personal loan if possible
– You can approach your existing bank or NBFC for restructuring
– If you have a home loan, try shifting to a lower-interest lender
– If possible, ask for extension of tenure to reduce EMI temporarily
– Don’t miss any EMI, or your credit score may get impacted

? Protect your emergency fund
– Do not use all your emergency fund at once
– Create a strict budget and spend only what is required
– Keep a portion in liquid mutual fund or sweep-in FD
– Make emergency fund last at least 6–8 months

? Create short-term income quickly
– Start freelance work or part-time consulting in pharma domain
– Join pharma WhatsApp and LinkedIn job groups for daily updates
– Talk to ex-colleagues, vendors, industry friends for leads
– Explore medical content writing, documentation, data review jobs
– Teaching science in coaching centres can also be considered
– If you have stock/inventory knowledge, try contract positions in warehousing or logistics

? Mid-term income recovery plan
– Prepare a sharp CV focusing on your core pharma expertise
– Learn new skills relevant to today’s pharma roles (regulatory, quality, data, CRM)
– Use downtime to finish short certifications (online, affordable ones)
– Target Tier-2 pharma companies where demand is high
– Look for project-based work, even if temporary, to stay active professionally
– Don’t wait for perfect job—start with small role if required and then grow

? Protect your investments
– Do not stop your existing SIPs unless absolutely unavoidable
– If needed, pause only temporarily, but restart once cashflow stabilises
– Don’t redeem mutual funds early unless for emergency
– If you stop investing now, compounding gets interrupted
– Shift equity fund SIPs to hybrid or low-volatility funds temporarily, if needed
– Do not touch retirement savings at this stage—it’s for your future

? Avoid risky decisions under pressure
– Don’t fall for schemes promising quick returns or high commissions
– Avoid chit funds, ponzi-like insurance schemes, or online trading without skill
– Don’t invest in unknown ventures or lend money to others
– Focus on liquidity, safety, and income for now

? Talk to your lender and insurer
– Speak to bank’s loan officer and explain the job loss
– Request lower EMI, interest rate reduction, or deferred payments
– If you have insurance-linked loans, check if job loss cover is included
– Ensure health insurance is not discontinued during this phase
– Even temporary hospitalisation without cover can hit finances hard

? Engage your spouse or family
– If spouse can earn, try part-time or work-from-home options
– If older children, they can take scholarships or part-time tuition work
– Pool resources from extended family if they are willing
– Accept help temporarily, but have a clear repayment plan

? Explore Government support or reliefs
– Check if there are any pharma industry associations offering relief support
– Explore PMEGP or MSME schemes if you want to start something
– Government skill platforms (like Skill India, NIPER) offer pharma upskilling programs
– Some states offer career support or counselling for mid-career professionals

? Mental strength is also part of financial planning
– Losing job is stressful, but don’t let it shake your inner strength
– Many successful people once went through job loss
– Stay away from blame, guilt, or regret—it won’t help
– Wake up daily with a plan, routine, and positivity
– Celebrate small wins like job interviews, callbacks, or skill learning

? Final insights
– You can recover and rebuild from this phase—just with structure and calm action
– Start with cutting costs, protecting savings, and exploring short-term jobs
– Review loans, talk to lenders, and manage EMIs smartly
– Protect your family with insurance and an emergency fund
– Stay active with learning and freelance work in pharma or teaching
– Avoid panic redemptions or emotional spending
– Use jobless phase to reboot skills, grow network, and shift to better opportunity
– Stay patient, hopeful, and consistent—the breakthrough will come

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.