Losing your job is never easy especially if it isn’t on your own terms, and can be as hard on your self esteem as on your finances. It isn’t just about loosing income it can be a loss of routine, self esteem and sense of security and requires a grieving process.
We are still seeing a number of new clients who are going through this process both in the private and public sectors.
If you are among the recently redundant or have this presented to you as an option it is important to plan your next steps to move through this transition.
Some tips I would suggest when reviewing your entitlements and situation are as follows:
- Check Your Entitlements – Make sure you are paid your correct entitlements. Don’t assume your employer, who is cutting costs, will look out for your best interests. If you are not in the public service and you don’t have a contract there will be some form of default award. Contact the federal Government’s Workplace information line on 1300 363 264 or www.fairwork.gov.au. If you suspect you have been short changed it might be hard but seek legal advice from a specialist in industrial relations.
- Keep Your Routine – It is important to keep your normal ‘work’ routine. If you got up to go to the gym at 7am keep doing this. Your work has changed as you are now looking for a new job or starting a new project or business.
- Focus On Your Financial Health – If you have received a lump sum payout it is important to keep a regular ‘pay’ coming in. An idea could be to put the lump sum into a higher interest cash account and pay yourself each fortnight an allowance for your regular expenses. This continues to give you a feeling of being paid regularly rather than just having a big cash balance that may be overwhelming.
- Focus On Your Physical Health – A good diet and exercise routine help to keep you in a positive mindset. If you have an exercise routine keep this up, if you haven’t had time to exercise in the past it maybe a good opportunity to bring this focus into your life.
- Use Your Networks – Speak with your networks and contacts as this may lead to a new job or new business opportunity that you hadn’t even thought possible.
Overall I would suggest that you ensure you stay positive and focused, one door will close but another will open and it may be the change you have been looking for.
Scott Malcolm (scott@money-mechanics.com.au) is Director of Money Mechanics (ph: 1300772643) who are authorised to provide financial advice through PATRON Financial Advice AFSL 307379
The information provided on this document is of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information you should consider its appropriateness having regard to your own objectives, financial situation and needs.