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Reading time: 3 minutes
The uncertainty that comes with losing a job or redundancy is a challenge, but leaving one role always opens up new opportunities for others.
The best thing we can do is be prepared.
By sticking to a budget and having savings set aside in an emergency fund, we’ll be better placed to cope with the initial shock and stress of losing a job.
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.
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 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.
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.
Your employment contract will state if you’re entitled to a redundancy payment and how much it would be.
Find out more about employee rights in the event of losing a job on the New Zealand at Work website.
Being prepared before it happens can be a big help when facing redundancy. A great way to start preparing is to get your emergency fund set up.
Over time, ideally, we should aim to save up two to three months’ expenses for an emergency fund we can call on if we need it. You can start small and build up over time.
Work through the 6 steps to getting sorted to get yourself prepared for the future – whether things go smoothly or if you face some bumps in the road. When you're sorted you'll have the tools to cope with what life throws at you with confidence that you've got things covered.
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