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Coping With Redundancy

Being made redundant can be frustrating and highly stressful, but the process can be made easier with a little help and some simple financial planning.

Getting to grips with your financial standing

The first thing to do when facing redundancy is to enlist the help of a professional Financial Planner. The current state of your finances is likely to dictate how strongly the event of losing your job will affect you and your family, and an advisor will be able to identify any causes for concern.

From your savings to your expected redundancy package and alternative payments options, right through to your expected total outgoings over the following months and the tax implications that may ensue – an advisor will be able to offer a range of options that should work to smooth the transition.

Budgeting for difficult times

Once you and your advisor have worked out your financial potential, it will be time to set up a budget. If you are not expecting to have any earnings or income over the next few months, this could be especially important.

Eliminating additional outgoings and reducing the costs of a range of necessities can all help to stretch your finances in a way that won’t adversely impact the quality of your life. Making small changes will add up and anticipated dire circumstances could soon become manageable with the right support.

You could consider:

  • Reducing mobile phone contracts
  • Cancelling monthly subscriptions
  • Buying alternative household items
  • Check eligibility for any government assistance that you might be entitled to

Redundancy doesn’t have to signify the end of your financial freedom – it could even be the first step toward a better working life and better income, particularly if you have the assistance of a Financial Planner.

 

Lindale Insurances Pty ltd ATF Lindale Insurances Trust ABN 27 027 421 832 is a corporate Authorised Representative of Millennium3 Financial Services Pty Ltd AFSL 244252 and ABN 61 094 529 987. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. For Australian Residents Only.

Disclaimer: The views expressed in this publication are solely those of the author; they are not reflective or indicative of Melennium3. They cannot be reproduced in any form without the express written consent of the author.