Redundancy is a financial shock/life event that we should all be safeguarding against if this happens. If you’ve been made redundant, or think you might soon be, it’s important to take stock of your financial situation right away.
5 questions to ask yourself
- Will you get a redundancy payment and, if so, how much will it be?
- Besides yourself, how many others – children, partner, parents - depend on your income?
- Do you have enough money to pay for your essentials such as groceries and energy bills?
- If you have an emergency fund, how long will it last?
- Which unemployment social welfare payments do you qualify for? How much will you get and how long for?
Create a budget
Making a budget will help you work out how much money you’ll need to pay for your daily essentials. If you need a hand doing this, Bank of Ireland’s Financial Wellbeing hub has great tools including a budget planner which helps you break down your current spending and see where you might cut back.
Get financial advice
You don’t have to face the financial strain of redundancy alone. A qualified financial adviser can help you work out what you need to do in order to plan ahead and reach your financial goals. If you would like to book an appointment with a qualified financial advisor for a financial wellbeing needs review click here and select 'I would like to complete a financial review'.
Searching for a new job
Being back in the job market can be challenging, but there’s a great deal of help available, from recruitment agencies to ‘back to work’ schemes. Alternatively, you may decide to change direction and retrain for a new career. The Department for Social Protection provides different types of support for people seeking employment. Check out Citizens advice for more information and supports available about jobseekers.
Thinking of retirement?
If you are thinking about retirement rather than returning to employment, maybe this is the time to give it some serious consideration. Consider all the benefits and challenges that come with this important life decision. Mapping out your financial needs is a key first step. To ensure you’re properly set up for retirement, you might want to speak to a financial advisor. Check out our Pension Pot Series to help understand your pension and plan forward for the best retirement.
Get in touch with your mortgage provider, credit card company, loan provider etc. as soon as possible to let them know your situation and to see if you can adjust your repayments to make them more manageable.
If you’re a permanent resident or citizen and unemployed, you can apply for Jobseeker’s Benefit or Jobseeker’s Allowance while you look for work. Check out Jobseeker's Allowance (citizensinformation.ie) for more information.
In addition, you can ask for help if you feel you’ve been wrongfully let go or if the circumstances surrounding your redundancy aren’t clear. If you’ve any questions about the types of redundancy or the redundancy money you are offered, please check out the Workplace Relations Commission (WRC) website or contact Citizens Information.