Salaries slashed!

Ok, disaster has struck. During our Monday meeting we were told that salaries will be slashed from April. Yes, I know that business has seen a downturn, but somehow I wanted to believe that we won’t be affected. But alas! Will see my salary shrinking by 25%. Obviously performance appraisals this year will be only all talk and no money.

Moot question, how do I manage to save now? My miniscule salary will disappear even earlier now. How do I manage? One of my colleagues said that it’s important to live today than stay hungry and plan for tomorrow. Others are worried on how they will manage to pay EMIs / premiums / other such obligations. And i am oscillating between depression and being stoic.

On one hand I am grateful that our company hasn’t retrenched people, so we still have jobs - but on the other hand, rising costs, zero savings and debts have me extremely worried. When will our economy revive? If I with no liabilities (as such) am in such a state, I dread to think what’s happening to people with serious liabilities. If only I had planned my finances well, I wouldn't be on this hand to mouth situation.