8 Ways to Survive if you Lose your Job

By Lauren Leisk, Yahoo7 Moneyhound Updated April 25, 2014, 6:00 am
8 Ways to Survive if you Lose your Job

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You never expected it to happen, but it has; you've lost your job.

You feel like you're sinking; stressed over mounting bills, the prospect of paying next month's rent & paying for your dad's upcoming birthday getaway.

It hasn't got to be this way. What you do in the next two months is crucial to your future success, so take back control with these eight tips and learn to excel again.

1. Know your financial standing

The first step to getting on track is being aware of how much money you have. Write down your total savings, incoming funds 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.

If any of your friends owe you money, now's the time to collect. Do file your tax return if you haven't gotten around to it as you might have a tax refund owing to you from the tax department which could really help.

Related: How to work out your net worth

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. Pause or cancel things you don't really need like pay TV services, gym memberships, magazine subscriptions and charity donations. While this may seem drastic, remember this is only temporary.

Switch to providers that are cheaper by comparing mobile phone or broadband plans online. You could also change your electricity supplier to one that's cheaper by comparing energy rates online.

Related: What to do when you're too broke to budget

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 and doing this will be easier whilst your previous role and job tasks is fresh in your mind. 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. You can now also upload your working profile to Seek Jobs at the same time as subscribe to Seek to send you new job vacancies in your line of work on a daily email.

Related: 50 Ways to reduce your power bills

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.

If you've already got mounting debt on your credit cards that you might not be able to pay back in the sort term, consider transferring those debts to a new card with a 0% balance transfer offer so you can buy yourself time to pay back the debt with no interest.

Related: Signs your credit card is ruining your life

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 clubs, bicycles, books, furniture 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. Seek Learning is a great place to start your search for a course that will suit where you want to be in the near future.

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.

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.

Do you have additional tips to share? Use the feedback button below or share your thoughts on our facebook page.

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