Redundancy can often be a bitter pill to swallow, and many people who are made redundant often find themselves worrying about an uncertain financial future and the hurdles that might lie ahead.
If you have recently been made redundant then the good news is that this is not the end of the world – remember, when one door closes, another one opens.
However there are a few simple steps that anyone that has been made redundant should take in order to set themselves up for the next step.
use your redundancy pay out wisely
If you have received a redundancy pay out from your employer then it is vital that you use this money wisely.
Some people make the mistake of assuming that they will find a new job very quickly, when in fact you might be unemployed for longer than you expected.
It might be a good idea to talk to a financial adviser as soon as possible after being made redundant so that you can establish a plan for the future and make the most out of your available savings.
don’t delay your job search
After you have been made redundant it is understandable to feel like you deserve a break, and to want to take some time out of the workforce.
However you need to think carefully before doing this because, as we mentioned before, it might take you longer to find a new job than you expected.
Don’t delay the job hunting process. Start revising your CV as soon as possible and get in touch with any contacts that might be able to find you a new position.
establish a budget
Now that you are out of work you will likely need to scale back your spending habits and put off a few of those luxury purchases that you might have been considering.
One of the best things you can do is set yourself a budget. Determine which expenses you need to pay each week and then calculate how much money you will have leftover for food and entertainment.
Think long term and resource yourself appropriately, so that you will be prepared even if you are out of work for an extended period.
we can help
If you have been made redundant and are worried about the future, we can help. Why not get in touch by calling 1800 626 881 or by using the ‘contact us’ tool on our website.