The worst nightmare of employees is becoming a reality during the lockdown. As the financial year ended, India was gripped by the fear of the new pandemic called Coronavirus or Covid-19. It not only posed a great threat to individuals' health, forcing everyone to stay indoors as nations after nations declared lockdowns but crippled the world economy, including India.

Although the Indian government had requested employers and organisations not to cut or reduce the salaries of their employees, the request had fallen into deaf ears. While some employees had been asked to go on leave without pay, a few others were unceremoniously asked to take heave pay cuts. They were offered this explanation, "This is the worst economic slowdown" and poor a consolation like, "Be thankful, you still have a job!" Helpless as a trapped mouse, everyone seems to be accepting their fate and a lighter wallet. But remember, when the going gets tough, the tough get going. If you are a victim of pay cut too, you can survive this phase but for that, you will have to limit your spendings and save money accordingly. We will tell you how.

The lockdown has taught us a very valuable lesson—we can survive with so little but we have accumulated so many things that we hardly use. That, my friend, is the best definition of needs and wants. While your 'wants' are lying around unused in the house, your 'needs' are what you have actually used. For example, you might need just one car for you and your family's use but you have ended up buying cars for each of your family members just because you had money and you wanted to. If you want to cut down your expenses and save money, you need to spend money on only the things you need.

Desperate times require desperate measures, my friend. This is the time to follow the words of one of the wealthiest men of the world, Warren Buffet, "Do not save what is left after spending, but spend what is left after saving." If you want to get over this financial crisis and pay cut unharmed, you better make Buffet's words your financial anthem.

Just like you have a short term and long term goal for your savings, have the same for your spendings too. Before buying anything, ask yourself this question, "Do I really need to buy this today? Or can it wait for a few more months?" Your answer and self-control will save you from spending a few extra bucks.

In case, you are struggling to meet both ends meet, you will have to pull up your socks. When one door is closed, you will have to find another door to let the light in, and in this case money. Look for other means of side income besides your permanent source of employment. This extra money that you will earn can be saved for the future.

One of the biggest mistakes that people make when they go through a financial crunch is stopping the payment of their debt or loans. What they don't realise is they have to pay a bigger interest when they defer their loan payment. No matter what, always try to pay your EMIs and debts on time to avoid extra expenses.

These are very stressful times and we need to be patient and stay positive. Always remember, time is not constant. And this too shall pass. Always ask for help when you know you are approaching a dead end and you cannot take it any longer.