Times are tough at the moment and although many businesses are still hiring, many companies have had to make redundancies too.
We have had an influx of new jobs over the past couple of months and business is very much continuing as usual, but if you’ve been in the unfortunate position of being made redundant or losing your job for any other reason, here’s a checklist to follow to keep your finances in check.
1.) GET LOOKING!
Due to many people being made redundant, the candidate market is currently fierce with competition being higher than usual. Get online, get talking to friends in the industry and speak to your recruitment agency. If this is you currently, you can find our latest vacancies here.
2.) WORK OUT YOUR REDUNDANCY PAY
Depending on the individual company and how long you have been there will determine how much of a payout you might get. The time frame you have got to look for another job will depend on this pay, so ensuring you know what’s to come is important.
The government website has a redundancy pay calculator which you can see an estimate of how much you should expect to receive from your employer. This will of course depend on your contract with your company as you may get a little more.
3.) CLAIM YOUR BENEFITS AND ENTITLEMENTS
When losing your job, money can become a real worry. Make sure you claim what you’re entitled to. We pay enough taxes and insurances throughout the year, so don’t feel bad taking what you need. Here’s a list of what you could be entitled to.
- Job seekers allowance – Contact your local JobCenter Plus or jobs and benefits office. You can start your claim online or over the phone. Alternatively, you may need to claim Universal Credits.
- Tax benefits – You could be entitled to tax credits if you have children, or if your partner is still working, and your total income as a household is below a certain amount.
- Universal Credits – Universal Credit is a monthly payment that includes a standard allowance, plus other elements – such as payments for housing or children. It is an alternative option to jobseeker’s allowance.
- Housing benefit – Depending on your income and any savings you may have, Housing Benefit could help pay for some or all your rent or mortgage payments while you find another job. Help with council tax reductions are also available.
4.) TALK TO YOUR MORTGAGE PROVIDER OR LANDLORD
One of the first thought’s that springs to mind when worrying about money is – how will I afford the roof over my head? Throughout the COVID-19 pandemic, companies have been offering mortgage and rent holidays, but that doesn’t mean to say that once they’ve stopped that you can’t ask for help. It may be daunting, but for the sake of asking the question, you could be taking a huge weight off your shoulders while you get your feet back on the ground.
5.) TALK TO A DEBT ADVISOR
If you feel that your debt is getting out of control, you’re not alone. Speak to an advisor or head to the Money Advice Service website for a variety of debt advice options. A debt advisor will be able to guide you through the process of getting out of debt and point you in the right direction.
6.) REVIEW YOUR OUTGOINGS
We are all probably guilty of paying for luxuries that we don’t need and whilst they are lovely to have, they’re not essential, especially when you’re out of a job. Cut back on non-essentials like take-aways, clothes shopping, alcohol, days out and many other unnecessary expenses.
Simple things like being wise with your food shopping and cooking can make a huge difference. Stretch meals out, cook something versatile that can make three different meals over the course of a few days. Something like roast chicken, spaghetti bolognese, or chilli are particularly good dishes for this.
Another good tip to remember – cut costs on fuel and save the environment by walking or cycling. Walking or cycling is not only cheaper than driving, but also so good for your mental health (very important in the middle of a lockdown!). See tips on how to look after your mental health here.
SOMETHING TO REMEMBER
We’re here to help. Whether that’s giving you advice, helping you with creating the perfect CV and/or portfolio, or just talking you through which jobs we have available. We work closely with our clients on their requirements, so we won’t waste your time with roles that aren’t suitable for you.
NEED HELP WITH YOUR JOB SEARCH? WE’RE HERE TO MAKE IT EASY.
To search our current jobs visit the Hunter Dunning jobs section and use our search function to find the perfect jobs in property, jobs in Architecture, or jobs in interior design.
Let Hunter Dunning do the hard work of finding a job or candidate for you so you can concentrate on making the best use of your time. As an exclusive candidate or client, we can offer professional advice as experts in our field, quality service, or even just a friendly chat if you need someone to talk to confidentially. See more about us here.