Don’t let losing your job throw you into deep difficulty. Sort out your finances early.
Being made redundant doesn’t have to throw you and your family into financial trouble. Stay on top of your finances by planning and setting a budget with the help of your financial adviser.
Know your financial status
First, you need to know where you stand financially. Your adviser can help you do this by looking at your savings, the size of your redundancy payments and your total expenses over the next few months.
Your adviser can also take you through the types of redundancy payments you may be eligible for and help you understand the tax implications they may have.
Once you have a final figure of your available funds, you and your adviser can see how it stacks up against your total expenses for the next two to three months.
Work with your adviser to set a budget
With a clear idea of your financial standing,your adviser can help you set an appropriate budget.
This may help you avoid any shortfall, assuming you don’t earn any income in the next two to three months.
Think of other ways
If cutting back on non-essential expenses is not enough to make up the shortfall, your adviser may suggest other ways you can manage your finances, including getting a part-time job.
Check if you’re eligible for government assistance. Talk to your adviser about the income support payments available to you.
Get back on your feet
Look at your job loss as a temporary setback and get back on your feet as soon as you can. Reach out to your financial adviser for support. Opportunities to rejoin the workforce might be waiting just around the corner.