Why wait for redundancy
There was an article in the Sunday Star Times last weekend (Sunday 24th) that’s had me thinking for a few days. Written by a financial advisor, it covers 14 tips on how to cope financially with redundancy. Usefully this is split between things to do if you hear rumours, and things to do once given your redundancy notice.
Except most of those things would be prudent to do anyhow, irrespective of whether you hear rumours of redundancy in your workplace or not.
The advice from the financial expert in the paper is to wait until you get your redundancy notice, and then look at whether you can get cheaper electricity elsewhere, or change your mobile phone calling plan (or indeed decide whether you need a mobile at all).
With the exception of taking time out from job searching to clear your head, take advantage of all the free time you now have to do something you enjoy, and ensuring you’re getting all the Govt. benefits you’re entitled to, things like brushing up your CV and keeping in touch with people are activities I’d strongly recommend anyhow.
So, I don’t see why we should wait until we know we not going to have a job in four weeks time, to figure out that we should keep an eye on the household budget, and not spend money where we don’t need to.
Now I could be cynical and say that a lack of planning is what will drive people into the arms of a financial planner, who for a fee, will help them budget and take out suitable insurances. Again though, if you take out an income protection insurance policy now, when there are no rumours of redundancy, then if it happens to you in three months time – you’re covered. Taking out income protection is pretty useless when you know your job is about to go.
So protect yourself now, update your CV, keep in touch with friends in other companies, double check your budget, and take a look at your emergency fund. Avalon has mentioned this previously
In the words of a good book, “Don’t Panic”, just be prepared.
Related posts:
- Something you need to read if you are worried about redundancy.
- Redundancy Tax Credit – make sure you know about it.
- 50 reasons to just be sensible
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One Comment on Why wait for redundancy
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A Move In The Right Direction » 50 reasons to be sensible on
Tue, 16th Jun 2009 10:31 pm
[...] the 50 reasons to be sensible which I though I would share. June 16, 2009 by Avalon As a follow up to this item, the Dom Post came out yesterday with their ‘50 tips to ride out a recession and still have a [...]
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