The day you lose your job is a day filled with mixed emotions. Some people are ready for a change and can recognise the opportunities. For many of us, though, it's the beginning of an unknown and uncertain path. You may also experience feelings of grief. It’s important to recognise these feelings and understand they’re very common.
5 minute read
Economically, there are times when it will be a struggle to find jobs. If you can’t find a job at all or you're transitioning to part-time or temporary employment, one of the first things you’ll need to do is look at your finances.
If you’ve been made redundant and received a lump sum payout, remember this money can help tide you over while you seek your next job. We can help you with our and to manage your money and make savings. To find out about pausing debt repayments, as this can help give you breathing space while you rework your finances and accommodate the impacts of reduced income, contact us at BankSA Assist on 1800 679 461 or apply for assistance online. If you are overseas, please call +61 8 7050 5723.
Mon - Fri 7:30am – 7:30pm (ACST), Sat 8:30am – 4:30pm (ACST).
The Government has made recent updates to the social welfare system which you may be able to access by going to its website. Centrelink is also a helpful service. Reach out to get the ball rolling with Government agencies as it can take time for support to reach you. Don't forget to ensure your employer super contributions are up to date too.
To stay on top of your finances, it’s important to make a budget. Knowing what you have and what you’re spending, allows you to work out how long you can afford to remain unemployed. You can also consider ways to reduce your expenses. Look at the options of cancelling entertainment subscriptions. Try to reduce your energy consumption where possible and avoid unnecessary expenses like takeaway food or coffee. If you end up in a difficult financial situation, maybe you can find a cheaper place to live or think about selling some of your possessions.
Finding yourself jobless impacts several aspects of your life and it’s important to recognise the ways in which you may be affected. Consider the following areas of your life and how they might be influenced:
For some, losing your job is an immediate finish in the organisation, while others must serve a notice period or take ‘gardening leave'. In recent times many people may have found themselves moving from full-time to part-time work as companies cut costs to help them retain their staff and keep their businesses going. Transitioning to part-time work may mean you experience some of the same issues as being jobless, including experiencing the financial impacts of reduced income.
If you're anticipating job loss, or have lost your job, or you’re moving to part-time work, you can take control of the situation and prepare. Try to be calm and use the time to ask questions, understand your entitlements and access any outplacement services available to you. Maybe there’s a part-time opportunity for you? Are there other opportunities within the organisation? Ask for references if you're comfortable. If you need time to process what’s happened, make a time to talk to your employer in a few days to discuss options.
It can be very confronting and hard to think about what to do when or if you’re facing long term unemployment. Here are some tips to help manage this difficult situation.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.
© BankSA - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.