How Will I Pay My Bills After Being Made Redundant?
One of the biggest fears when being made redundancy is money. “How will I pay my bills?”, “What can I afford?”, “Will I use all my savings?”
These are perfectly natural and good questions to be asking. The worst thing you can do at this point is ignore them and hope they will sort themselves out. In reality, they won't. You need to take control now and make sure you have a solid understanding of your finances.
Finance’s aren’t everyone’s strong point. That’s why we created an easy to use spreadsheet to help you log all your income and outgoings. Giving you results that clearly show if you’re spending more than you’re earning.
The first step you need to take is download this free spreadsheet below and enter your information.Download Free Redundancy Finance Spreadsheet
Once you’ve read the spreadsheet and entered all your finances you will be to see on the ‘Results' section just how redundancy effects you each month financially.
If you’re spending more than you’re earning before using your savings and redundancy money then this will tell you that you’re going to be slowly eating into those hard-earned savings and any redundancy payments each and every month.
It may be a good idea to go through your outgoings and see where you can make some cut backs each month.
Just remember, this isn’t forever, only until you manage to secure your next employment.
The best way to go through each of your outgoings is ask yourself the following question:
“Do I really need this, or can I survive without it until I’m back in work?”
If you have a lot of debt repayments such as card payments, loans or hire purchase agreements, speak to those financial companies sooner rather than later. They may be able to assist you with the repayments until you’re back on your feet. Some may even have payment breaks you can take. This could help you significantly each month until you start work again.
If after completing the spreadsheet and cut out any unnecessary spend, you’re still spending more than you are earning then now is the time to take further action and speak to an expert.
There is lots of free support out there to help you such as:
The quicker you get this activity done, the sooner you can shift your focus to finding a new job.
Tackle your finances head on and you will find it will be easier to manage rather than leaving it and hoping it will sort itself out. Because it won't.