Redundancy & losing your job - Easing the pressure

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.

Use this budgeting tool to make or review a budget.

Try it now

For personal help, find a local financial capability (budgeting) service.

Case study: Emma Williams

Emma Williams had a wonderful Bali honeymoon. Yet it was not as fun as it might have been, having just heard she would probably have no job when she returned.

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.

Talk to the 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.

Guide to insurance

Know your rights

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.

Be prepared

The key to coping with redundancy is being prepared before it happens. Ideally, we should aim to have access to the equivalent of two to three months’ income as an emergency fund we can call on if we need it. But anything is a start.

Guide to saving

Carrying high-interest debt? It might be better to pay that off before starting with saving.

Guide to tackling debt

Where to go for help

Work and Income website: Details of government support
Inland Revenue website: What redundancy means for tax payments
Careers New Zealand website: Rights and options in redundancy
KiwiSaver website: What happens to KiwiSaver contributions

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Redundancy - Easing the pressure of losing a job

Review the budget

Case study: Emma Williams

Seek government help

Talk to the bank

Check your insurance

Know your rights

Be prepared

Where to go for help

You may also like...

Knowing your rights

Stretching our retirement savings

Questions to ask a lender

Losing a partner

Redundancy

Separation

Get that Sorted feeling

Start your safety net

Get your KiwiSaver settings right

Start tackling your debt

Cover your people, money, stuff

Run your retirement numbers

Set your targets, then hit them!

Guides

Love and money this Valentine's Day

Veering a bit off track…

Did nights out on credit lose me my house?

’Twas the scam before Christmas…

Keeping up with Christmas

Surfing the surge pricing

Does money make us selfish?

Crunch the food budget

About

Learning

Resources

Even more...

Log in to your account

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Redundancy - Easing the pressure of losing a job

Review the budget

Case study: Emma Williams

Seek government help

Talk to the bank

Check your insurance

Know your rights

Be prepared

Where to go for help

You may also like...

Knowing your rights

Stretching our retirement savings

Questions to ask a lender

Losing a partner

Redundancy

Separation

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