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Managing your money after losing your job

Managing your money after losing your job

How would you cope if you lost your job and what steps might you take to relieve the stress?

Losing your job can impact more than just your finances, but getting your money sorted will help you get on track and relieve some of the stress.

Step 1: Assess savings

Ideally you’ll have an emergency fund set up for situations like this. If not, you may have to dip into your savings to get by while you look for work. Figure out how much you have available so that you can put together a plan for the next couple of months.

Step 2: List upcoming expenses

If you have a budget, this will come in handy here. Think about your next three months and list all the essential expenses you’ll have to cover in this time period. Is this going to be manageable with the savings you have available? You may not spend three months looking for a job but it is good to know that you’ll have a bit of time up your sleeve.

Step 3: Alter spending habits

If your savings are going to be stretched thin or potentially not enough, then it’s definitely a good idea to distinguish what costs are more wants than needs. Even if your savings give you enough room to cover your next three months of costs it is still worth considering cutting back in some areas where you can.

Step 4: Consider short-term work

You’ll likely want to invest a lot of time into looking for a new job, but it may also be worth considering short-term work to help you make ends meet in the meantime. Even if you’re just covering grocery bills for the week that is a bit of money that won’t have to come out of your savings or be repaid down the line.

Step 5: Get assistance

If the steps above aren’t enough to make ends meet, look for assistance where possible. The Department of Human Services can help you find out what services are available for you.

If you’re a CommBank customer, you can call us on 13 3095 or request financial assistance in NetBank if you are behind, or think you are likely to fall behind, in paying what you owe. See more about our support options – including our Financial Assistance Solutions teams who are here to support you in getting back on your feet in times of financial difficulty.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.