Alright, so you have been at your job for five - six odd years. Every day is the same, but hey you have gotten so accustomed to the routine. Everything is going swimmingly…. then suddenly you get THE news. Yep, you have just been made redundant.
Firstly, we want to encourage you to breathe. We get how stressful this period can be. Saying goodbye to the familiar is one most of us don’t want to be forced to do. But this is why you have landed here for a reason. Your pals at Visia are here to talk you through it.
Redundancy is difficult news to work through on a number of levels, your potential financial stability being high up on that list. Don’t fret, this isn’t the end of the world. In fact, with a little forethought and planning, your transition from employment to unemployment via redundancy can be much smoother than you may initially have anticipated.
Here are some fail safe tips for tackling redundancy, Visia style;
REDUNDANCY MANAGEMENT CHECKLIST
Here are a few things you might want to consider as early into your redundancy as you can; how well am I coping with the psychological effects of this situation? What are the financial implications of this next stage of my life? Am I doing enough to maintain and protect my professional relationships? How liquid are my assets right now? Do I have a comprehensive budget in place to help with debt management? What’s the deal with the tax implications of my payout? How does this affect my superannuation and insurance? Are there any benefit entitlements coming my way? And might it be beneficial to hire a financial adviser to ensure that I am getting the most out of my redundancy package? Make a list of these questions and answer them truthfully. This will set the course for your transitional strategy.
HOW TO MAXIMISE YOUR REDUNDANCY PAYOUT
There are a few questions that you need to ask yourself before you can truly get the most out of your redundancy package, one of the most important being, “was I about to retire anyway, or do I need to re-enter the workforce?”. If you’re in the market for another job, then it’s important to remember that your redundancy has to sustain you until that next paycheck comes in, and who knows when that might be!? Best to minimise your expenses as much as possible and establish a new living budget for yourself. Doing your best to reduce utility bills, credit card repayments and home loans etc will go a long way towards helping with this.
HAVE A GAME PLAN
Slow and steady wins the race here, so there’s no need to go rushing out and accepting the first job that comes your way. Take a look at your current skillset and see if there are any areas where you might need to pump up your skills. Consider investing some of your payout into training and courses to get that resume to look as irresistible as possible. Don’t forget about the benefits of social media for networking and maintaining contacts. Facebook and LinkedIn can be incredibly helpful tools in this department.
LIFE AFTER REDUNDANCY
Use this time between jobs to focus on ways of increasing your positivity and wellbeing. Redundancy can actually afford you the potential to entertain some lifestyle options which may have been off limits to you previously. Are there any hobbies you’ve always wanted to pick up but could never find the time?? Perhaps some volunteer work that you’ve had your eye on, or even a stint in a consultancy capacity could be on the cards. The world is your oyster!! During this transitional period, it’s always good to remember just how much of our happiness is directly related to our actions, thinking, habits and choices.
At Visia Financial Services, we are here to talk you through the process, no matter what life stage you are in. Don’t break a sweat, our team of Perth financial advisers have got you sorted. Chat to us today.
Kora Drage is an Authorised Representative of Financial Wisdom Limited ABN 70 006 646 108, AFSL 231138. The information contained in this article may contain general advice. It does not take into account your financial circumstances and objectives. You should consider talking to a financial adviser and read the relevant Product Disclosure Statement (PDS) before making a financial decision. Any views and opinions provided in this article may not reflect the views and opinions of Financial Wisdom Limited