What to do if you lose your Job

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Unfortunately, I’ve had a few clients call or email me this week telling me they have been made redundant. The same has happened to a few family members and friends of mine. No doubt job security is on everyone’s mind during these uncertain times. The first thing that everyone should remember is that after economic shocks like this, the employment market rebounds strongly. Once the shut down ends, we, the general public will go back to our ways of spending, holidaying, buying and selling houses etc. Every business will need employees to get back up and running. So stay positive and make the most of your time at home. Below I’ve listed 19 things you can do in the 30 to 60 days to survive financially and come back stronger than ever to the workforce. (Some of the bullet points have links to websites for more specific information)

Steps to ensure your Financial Survival:

  • Apply for the Job Seeker Allowance. The waiting period has been waived, so has the asset test.

  • Talk to your bank. They will give you a loan holiday if you ask.

  • Talk to your real estate agent. You may receive a rent reduction.

  • If you are a landlord and your tenants need a rent reduction, be kind and grant it. The Government is working on tax relief for landlords in this situation.

  • Withdraw $10,000 from your super. It's not a great idea, but if you need it you need it.

  • Review your expenses. You might need Netflix but pause all other non-essentials.

  • Don’t cancel your personal or health insurance. You may need it, don’t underestimate Covid-19.

  • Improve your personal financial structure. Get help if you need.

  • Stay up to date, everything is changing every day or so.

Steps to Improve your employments odds:

  • Update your resume. Go onto freelancer.com and pay someone to format it properly or use Canva.com to do it yourself. Don't use a boring Word Doc.

  • You are not alone. Get on Linkedin and connect with others in your profession or me.

  • Reassess what you want out of life. This might be the career change you needed?

  • Re skill. You have the time, use it to study online.

  • Learn something new. Don't know how to use speech recognition in Google docs? - YouTube it.

  • Maybe this is your chance to start a business? Our sister company can help.

Steps to mentally survive:

  • This will pass, it may take a month or two but you can get through this.

  • Keep up your exercise routine or start a new one.

  • Facetime or Zoom your friends or family.

  • Have fun, I've been having dance-offs, basketball training, football training with my kids and spending heaps of time with them.

I really hope the above helps and please feel free to share with family or friends.

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© 2019 by Valley Mayfair Wealth Management

Valley Mayfair Pty Ltd ACN 160 365 686, trading as Valley Mayfair Wealth Management, is an authorised representative and credit representative of Hillross Financial Services Limited ABN 77 003 323 055, Australian Financial Services Licensee (232705) and Australian Credit Licensee (232705)

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This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.