If you've recently been made redundant, it’s totally understandable to feel worried and stressed about the situation. It’s normal.

You’re allowed to be sad and frustrated (it can always be a stark realisation that whilst you may have put your heart & soul into a job, at the end of the day, as terrible as it is to say...you are a number. A line item in a cost centre. So, when you tell yourself you’re too busy with work to get on top of your life/financial goals this is an important thing to remember!).

A couple of my top tips:

It’s Time for a Stock Take!

Start by assessing your current financial world. List out your assets, liabilities, and all monthly expenses. This will give you a clear picture of where you stand and help you plan your next steps.

Now is the time to pull back on all expenses (even if you are getting a big payout, if you don’t have another job lined up you have no idea how long that needs to last you). No emotional late night spends on things to try and soothe any big feelings you're having. And whilst it might feel like a good idea to pay off any bad debts you have, you may want to consider only making minimum repayments until your next job is secured. Most Income Protection contracts don't cover you for redundancies.

If things get really tight call your bank/energy provider/whoever and see if you can get on a financial hardship arrangement, payment extension as needed... there are some situations where you may be able to access your Super, but honestly this is something I don’t love the idea of because you’re robbing yourself of thousands, maybe even hundreds of thousands of dollars in the future, but when your backs up against a wall I get that this may be the only option you got.

Make sure you know how to calculate your redundancy & how it is taxed.

Apply for Unemployment Benefits

Listen, there can be such a stigma with this, but it’s designed to help us when we’re down. So, if you qualify and need it, use it. You may be eligible for JobSeeker Payment through Services Australia. Make sure to apply as soon as possible to get support while you look for new opportunities as there may be an income maintenance period. It’s not a lot, but it’s something.

Stay Informed and Network

Now isn’t the time to be shy... it’s the time to lean into being brave and reaching out, connecting and following up people. Get on LinkedIn and get connecting, going to networking events and meeting with recruiters. Job searching can be crap (and I am hearing that the lead times between first interview and contracts issued can be loooong), but staying connected can open doors to new opportunities.

Also get really clued up on your market rate, you want to have done your homework on what’s going on in your industry, how tight the market is and make sure you aren’t just taking the first low-ball offer because you’re desperate to have cash come in (which can be tricky if you don't have emergency savings).

Some redundancy packages also include things like redeployment training and help, or resume reviews...use them! Use everything they have to offer to put you in the best possible position to land your next dream role.

I hope these tips help you navigate the often murky waters, always be professional, don’t burn bridges and treat finding your next job like a full time job in itself!

Jess

Have a money dilemma?

Money dilemmas can be a nightmare! They can leave you up all night ruminating about what to do, have you feeling alone and isolated or just plain ol' stuck. So, we are here to help. I am going to tackle one a week and give you my unbiased, no BS general thoughts on how to tackle your conundrum. We would love for you to send yours (or someone you know) in. 

Obvs all of this is general advice only... especially important to note any and all of the comments above do not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs.