If you lose your job you will need to think about the impact it will have on your finances. There are a number of issues you may need to consider.
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The bottom line
- Review your budget and stay in control of your money.
- If you think you may have problems keeping up loan repayments, contact the lender as soon as possible.
- Don't ignore your debts - they won't go away.
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Your entitlements
Before you make any decisions about your future, find out about your entitlements and the best way for you to deal with any money you may receive. You may be unable to reverse a decision you are unhappy about.
Your redundancy
If you receive a redundancy payout, you might want to seek professional financial advice. Make sure you understand the advice you receive and ask questions if you don't. See Getting information and advice.
Your commitments
Depending on your age and your employment options, different financial issues will be a priority. Whatever your circumstances, you will probably need to review:
- your budget
- your credit cards, loans and mortgage
- your superannuation.
Take control of your finances and contact your lender as soon as you can if you want to make any changes to your loan repayments.
Talk to your superannuation fund about any benefit entitlements that apply on retrenchment. If your superannuation includes life or disability insurance, check whether it will continue when your employer stops contributing. Some funds may allow you to continue your cover but there may be only a small window of opportunity for you to make these arrangements.
Taking time out from the workforce?
If you don’t have another job lined up, plan on having an extended break or just want to change your lifestyle, you will probably need to make some changes to your finances.
A budget can help you work out what expenses you'll need to cover while you're not working. See Budgeting.
You may find it helpful to get some independent information or advice to help you plan. See Getting information and advice.
Government assistance
If you lose your job, you may be eligible for government assistance and services to help you find another job. See More information.
More information
There's a lot more that you can find out about if you lose your job. See More information.