moneyhound

moneyhound

Saving Accounts » Article

8 Ways to Survive if you Lose your Job

By Lauren Leisk, Yahoo!7 Moneyhound Updated November 18, 2012, 9:00 am

The feeling of losing your job can be overwhelming.


You're sinking, you don’t know how to face the world, stressed over piling bills or not wanting to leave the couch.


What you do in the next two months is crucial to your future success, so take back control with these seven tips and learn to excel again. Think of it as a time to revisit your career goals. You have the chance to decide whether you want to return to a similar role or try an entirely different path.


1. Know your financial standing


The first step to getting back on track is being aware of how much money you have. Write down your total savings, any funds your previous job may owe you and every expense you will have to cover over the next eight weeks. This includes mortgage or rent payments, loans, vehicle operating costs, home maintenance and groceries.


Call all your friends who owe you money and ask them (nicely) to pay up. Do your tax return if you haven't gotten around to it there as you might have some tax back owing to you from the tax department which could really help.


Related: How to get back on track with your mortgage repayments


2. Begin to budget


A simple excel spreadsheet, online budget planner or app can help track your bills and limit spending habits. Now that things are tight, you're going to have to cut back. While this may seem drastic, remember this is only temporary.


3. Update your CV


It's probably the last thing on your mind right now, but updating your CV is key to scoring new employment. Look for temporary or part-time positions by submitting your name to an agency and scouting local businesses. It's a great way to gain extra cash while you look for a more desirable permanent position. Update your LinkedIn profile too so potential employers can find you.


Related: 50 Ways to Reduce Your Power Bill


4. Resist your plastic


It's exceedingly tempting to throw impulse purchases on your credit card. It's even easier to forget about the mounting interest you will have to pay back in the long run until you can get ahead financially. If at all possible, avoid adding unnecessary items on your card.


5. Clean out and sell up


You might be able to make some spare cash by selling things you no longer need or want. Surf boards, golf sticks, bicycles, books and unwanted Christmas presents can all go on eBay, even broken items can sometimes sell for spare parts. Gather everything you can sell and use the spare time to become an eBay wizz.


Related: How to sell stuff on eBay successfully


6. Government assistance


Talk to the Department of Human Services (Centrelink) as soon as possible to determine whether you're eligible to receive a benefit payment. Bear in mind that some benefits have waiting periods that must be served, depending on your individual circumstances.


7. Increase your skills


Whether it's a requirement of receiving a government benefit or you simply want to increase your hiring chances, it's worth undergoing training or studying to acquire new skills. Whatever your reason, self-improvement, additional knowledge and experience only makes you more employable.


8. Sort out your super


You could be entitled to receive benefits from your superannuation fund if you were retrenched, so carefully read your terms. Also find out how long you have to change your payment arrangements before insurance coverage ceases. Make sure to find any lost super you might have floating around in other forgotten funds and check your super account to see if you are paying any unnecessary management fees.


Related: How to be happy in a rotten job


You always have options to get out of your current situation and arrive at where you want to be. You may not be able to control a potential employer's hiring decision, but you can certainly put your energy to good use.


Was this article useful? Use the feedback button below or comment and share your tips on our facebook page.

Moneyhound Product Picks this Month:

COMPARE & SAVE

Top Saving Accounts

COMPARE MORE

Mobile Phone Deals

COMPARE MORE

Low Rate Home Loans

COMPARE MORE

Personal Loan Offers

COMPARE MORE

Cheap Credit Cards

COMPARE MORE

Switch Electricity Providers

COMPARE MORE

Newsletter

Get the latest deals that could save you money on your monthly bills

Join the Moneyhound mailing list >>

Most Popular Articles

Help me find a savings account

  • Account type

  • State/Territory

  • Anytime access accounts

  • Fixed-term deposit accounts

Help me Save

Use our savings account interest calculator

      • Interest rate (APR*) used : 5.2%

      *APR and APR term suggestions are based on market competitive products listed on this page. Fees and charges are payable. Read the disclaimer

      Moneyhound helps you compare 512 saving accounts from 94 trusted issuers

      Saving Accounts Latest News

      MORE Saving Account News

      Compare more products and services

      Skip navigation
      Skip navigation

      Disclaimer: Yahoo!7 has partnered with RateCity, WhistleOut and SwitchWise for the provision of pricing information for financial, telecoms and energy products. Yahoo!7 has no direct affiliation with any finance, telecom or energy institutions listed here to promote this content. The content of this website has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should not acquire any financial products before taking into account whether your selected products are appropriate to your personal circumstances, having regard to your own objectives, financial situation and needs. Whilst reasonable efforts are maintained to provide accurate, true and correct information, it is advised that you confirm the terms of any product or contract and consult the product disclosure statement before making a decision to apply to any product issuer.

      Yahoo!7 Money Hound Pty Ltd | ACN: 151 232 450 | ABN: 20 151 232 450
      Australian Financial Services Licence: 407341 | Australian Credit Licence: 407723 | Credit Ombudsman Service: member M0011954
      Financial Services Guide | Privacy Policy | Terms of Service