Often when we have secured ourselves a good and stable job, we can concentrate on the good times and forget about planning for those rainy days.
Many people can forget that redundancies can and do happen, which highlights the importance of having a sound financial plan in place. This will allow you to plan ahead for a rainy day – whether you’ve lost your job or need an emergency fund for something else.
Redundancy can come at the worst of times and be quite a shock to the system. Being unexpected, it means that many people have not adequately prepared. This can create financial strain on households, resulting in people not meeting their bills and expenses.
All of this can create quite a headache and cause large amounts of stress. So in order to plan ahead, you may find it beneficial to create a small sum of savings over time – just in case.
By regularly contributing a certain amount of each paycheck that you receive you can easily accumulate a nice little nest egg for emergency use only.
seek help with your finances
If you have found yourself being made redundant, then you may want to consider speaking to a financial planner to help you appropriately manage your finances.
Here, you can sit down with a professional and discuss how to meet your financial commitments – such as mortgages or bills – and how to move forward.
A financial planner can also help you to create a strict budget to give you an idea of where your money needs to go each week or month.
Doing this will help you to allocate your money accordingly and meet regular bills.
expand your horizons
Being made redundant can sometimes be a blessing in disguise – as it gives people a push and the motivation to expand their horizons. You may be missing out on your dream job but will never know it because you’ve stayed in the same position for many years. And being made redundant can give you a push to try new things and take on new roles.
If you have been made redundant and are having a hard time finding your usual kind of work, then try looking in other areas that you’re interested in. You never know, you may just end up landing the perfect job!
we can help
If you are wondering where to get financial advice, we can help. Why not get in touch by calling 1800 626 881 or by using the ‘contact us’ tool on our website.