What if I lose my job?

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If you ever have uncertainty in your job then you’ll no doubt be feeling anxious and stressed. How are you going to pay the bills, the mortgage, rent or even pay for the petrol to get the kids to school if you lose your job?

Preparing for a job loss might sound a little negative but if the worst happens you’ll be in the best position for forging forward and getting on top of the situation the best way you can.

The Australian Government has an array of resources available at this time to help you. You can find them here.

What If I Lose My Job?

Here are a few ideas that you can prepare
  1. It makes sense to always have an up to date resume on file. 
    The more professional the resume, the better your chances when the chips are down and many people are applying for the same position. Google ‘Resume Writing Services’ in your area and contact them about prices. Once you have a professional resume made you can add and change to it as you like.
  2. Register on job resource sites.
    Register on local job resource sites and search for any specific sites that target your trade or profession. Sites like Seek, Kelly Services and CareerOne all have a good reputation. It’s better to have an account already set up so you’ll feel more in control if you lose your job.
  3. Network
    Do you have a network you can fall back on if you need to change jobs or lose your job? This can be either a professional network or a network of colleges and friends who’ll put the word out for you.
    Collect a list of contacts that you could reach out to for job opportunities and keep it current so you can act immediately if you need to.
  4. Get your finances in order
    Having your finances in order can greatly reduce the amount of stress you’ll be under if you lose your job. Reach out to your bank and any lending institutions and service providers such as your power providers and let them know that your employment circumstances have changed. They can offer you a selection of options based on your individual situation. It is best to do this as quickly as you can after becoming unemployed, some might make you wait but persevere, you’re entitled to it.
    Also, ask if you can apply for a hardship provision. You have the legal right to vary the terms of your loan contract if you’re experiencing financial hardship, for example, you can request a payment extension, an extension of the term of any loans to reduce payment amounts, or you can ask for a temporary hold on your repayments.

  5.  Reduce spending immediately
    Don’t wait thinking you might only be out of work for a short time, hopefully, you will but it’s better to be safe than sorry. Immediately stop all non-essential outgoings and then work through what you can cut spending on within the remainder. Use the Money Savvy Mums website to help you find ways to reduce spending and get through this tough time as easily as possible for both you and your family.
  6. Another small income
    Maybe having another small income will reduce the stress of losing your job. It might be possible to rent out the spare room, the garage or even your driveway?

    Click here to find some easy ways to make a little extra income when times are tough.

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