You’ve Lost Your Job – Now What?

The job market in Australia continues to be volatile and should you lose your job, the first thing that you should do is take a deep breath and tell yourself it’s not the end of the world. The future might seem daunting, but with some simple planning you can make life easier for yourself and give yourself the best chance at getting back into work. Keep your spirits up by eating healthy food, sleeping well and exercising daily.

You may want to bury your head in the sand, but dealing with your personal finances early on will take pressure off and allow you to focus on looking for a new job. Make the most of any savings or money you do have in the short term.

Make the most of your money:

  • Cut back on spending.
    Cancel unnecessary TV and phone subscriptions, enjoy the great outdoors and get rid of that gym membership, reheat leftovers, walk instead of taking the car and save wherever you can.
  • Avoid using credit cards, overdrafts and loans.
    These can come back to haunt you.
  • Invite friends to your home instead of going to the pub or a restaurant.
  • Visit discount stores and make use of money saving coupons. Coupon code websites are also a great way to save money when you need to buy something.

If you find that you’re struggling because of bills, contact the companies that you have a financial obligation to. They will understand your predicament and do their best to help while you get back on your feet.

These options might be worth looking into if you don’t find a job straight away:

  • Government benefits.
    Get in touch with the Department of Human Services and they will tell you what benefits you may be entitled to.
  • Outstanding wages and overpaid taxes.
    Check with the company you worked for and the Taxation office to see if you’re due anything.
  • Temporary or part-time work.
    This will give you greater independence and show willingness to future employers.

With a little faith in yourself and some sensible planning, you’ll survive this setback. Take each day as it comes and treat money saving as a game. Finding out that you’re due money from your old job or the tax office could make your day and working part-time could take away that feeling of helplessness. There are plenty of avenues open to you and it’s your choice to take them. Good luck and happy job hunting.