Make a redundancy plan
Being made redundant can feel like you’re stuck in a hole.
The Money Advice Service can help lift the burden – regarding your money.
Preparation beforehand can lessen the impact.
The Money Advice Service can guide you through ways to review your budget, shrink bad debt, save a little more each month and check out if you’re able to insure your income – helping to protect you and your family.
If you haven’t prepared beforehand, there are some things you can do to rebuild your finances.
You are entitled to redundancy pay if you have been with your employer for more than two years.
You may be entitled to a tax rebate if you are made redundant during the tax year.
There are also a number of benefits you may be due to help cover your bills and to help you while you search for a new job.
You may be able to claim off income protection insurance (PPI) so check any mortgage, loan or credit card paperwork you have.
Also, there are things you can do to generate money whilst you are between jobs.
Getting your debt under control is vital during this time.
Speak to the companies you owe money to. They should be able to come to an arrangement with you.
They will be able to help with claiming any insurance linked to the debt.
It’s also important to recognise which debts are priority, for example rent or mortgage payments.
Knowing what you can afford to pay towards your debt is key also.
If it’s a while since you looked for work, the importance of using your network of contacts could be the difference in getting a job sooner rather than later.
Use networking websites like LinkedIn and register with recruiters that specialise in your industry.
You may want to start up your own business, or retrain to add to your skills.
Taking these steps will not guarantee you will get a job, but they will help in the meantime.
Don’t forget to prepare for any future bumps once you start your job.
To find out more, visit our website.