What to do when you're made redundant

Review the budget

Been made redundant? Step one after losing a job is to take a close look at the budget to see how the household can cope with reduced income. If you have an emergency fund or a redundancy payment, work out how long it will last.

Sorted’s budget planner can help you craft your plan. You can create multiple scenarios and even share yours with others to get on the same page.

Seek government help

There may be government help you can get after losing a job – check the Work and Income website.

There’s also information on dealing with redundancy on the Careers New Zealand website.

A financial mentor can help you navigate the support available. Get in touch with MoneyTalks to speak to someone about your situation.

Talk to your bank

Talk to your bank right away if you might have trouble meeting debt or mortgage repayments as a result of redundancy. They will have options they can talk through with you. Try not to miss a payment before getting in touch.

Check your insurance

If you have repayment insurance as part of a personal loan or hire purchase agreement it may cover payments if you are made redundant. Check the policy document for details.

Redundancy insurance is also available on its own or as an add-on to life insurance – check your policies to see if they include this type of cover.

For more information about insurance, head to our guide on the different types.