How to Survive Losing Your Job

Losing your job can be a very difficult and stressful event. Whether you were terminated from your job, your position was deemed redundant, or your company closed down, you will still be affected the same way. It is crucial that you take a look at your finances from the very first day of losing your job. This will prevent you from making any financial mistakes that could make living without an income even more difficult.

It is important that you understand your rights and what benefits you are entitled to until you are able to find another job. This will ensure that you receive all of the payments you deserve and will help you get through this timeframe. Below is a look at some things you need to understand to help you survive losing your job and where to go for financial help.

Re-evaluate Budget

If you lose your job, one of the first things you want to do is to re-evaluate your budget. You want to take a complete look at your finances and your expenses to determine how long you will be able to keep your finances stable. Take into consideration any money you have in your savings account, any disposable assets you may have, and any additional money you will receive from your employer, such as redundancy pay. You may need to make some adjustments to your budget and cut back in some areas until you are able to find another job.

Redundancy Pay

Depending on how long you worked for your employer and the reason for your termination, you may be eligible for redundancy pay. This will provide you with some extra money to help carry you over until you get another job. In addition, your employer may be required to provide you with adequate notice of your job termination. If you think that you have been wrongly terminated or you did not receive all the benefits you deserved from your employer, you have the right to ask for a consultation.

Jobseeker’s Allowance

Jobseeker’s Allowance will provide you with a weekly payment of up to 71.70 for the weeks that you remain unemployed. You must be able to work and actively looking for a job to qualify. The government will require you to track your job seeking activities to prove you are actively looking for another job.  As long as you remain in compliance, you will be eligible for these payments for at least 52 weeks, at which time your case will be re-evaluated.

Jobcentre Plus

Jobcentre Plus is a great place to go for help finding a new job. They provide employment-searching services, such as resume and CV writing, interviewing tips, and referrals to jobs in your area. They can also help to set you up with specialized training to improve your skills and help you find a better job. You may even qualify for help setting up your own business with the New Enterprise Allowance and support from the Jobcentre Plus office.

These tips will help you survive until you are able to find another job. Some of these benefits allow you to obtain a part-time job and still maintain the benefits, so you may want to consider this if you have trouble finding full time employment. Careful budgeting and financial planning is the trick to surviving through this time. Before you know it, you will find a job and get your finances back on track again.