Four Financial Moves To Make When You Lose Your Job

 

One of the worst times in life is when you find yourself unexpectedly out of work. You’ve got grand plans for your finances, and everyone knows about them, until bam – you’ve been in an accident and have to stop working due to health. Or the company you’ve known and loved for years breaks down and you’re in the line towards redundancy. Or, you’ve made a big booboo, lost a lot of money for your company and you’ve been fired.

Whatever the reason, there is nothing that feels more than a kick to the stomach than finding yourself suddenly out of work. The panic sets in and you start to question what you’re going to do now about your mortgage. How will you manage the bills? How can you pay the school fees on one salary? On the one hand, it’s scary to lose your job – your finances are going to be in tatters. On the other hand, you can see that this could be an opportunity for you to get out of a rut and into something far more exciting. If you’ve lost your job because of your health after an accident, you need to check online from Abels & Ames, P.C. to see whether you could be entitled to any compensation. This can massively help you to move forward into a clearer financial future and get what you are owed. In the meantime, here are four financial fixes that you need to get done as soon as possible.

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  1. Emergency Budget. You probably already have an emergency saving account, which is great, but you need to know where that money has to go. You can work this out with an emergency budget. This is a budget that includes all your essentials and none of the nice to have things that are in the home. It’ the budget that’s going to keep your head above water.
  2. Employer Help. This may seem like a bitter pill to swallow in the face of being fired or made redundant, but you need time to work things out financially. You could ask for a six week notice period to keep you going, a redundancy may come with a severance package that you could ask about, and you can even see if your redundancy could include movement in the same company. These are all possibilities if you could just have the courage to ask about them.
  3. Creditor Calls. You need to ring around all those that you owe money to and reduce your payments to a dollar a month. Creditors are important, and as long as you pay SOMETHING, you should be okay.
  4. Assistance. In the event you lose your job, immediately call around to find out if you qualify for assistance with benefits. You need to know whether there is some immediate support for you while you hunt for a new job.

Each of these financial fixes can help to ease the burden when you are out of work. Don’t panic. Breathe. It’ll be okay.


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