Losing your job can turn your world upside down in an instant. During this time, your family and financial responsibilities may feel overwhelming. You may suffer an unexpected crisis in identity and have trouble explaining to those closest to you what happened. You may even feel angry you lost your job while seemingly less capable colleagues kept theirs. It's during this time that you'll not only lose motivation but lose sight of your goals. Redundancy can even cause depression.
An essential step to surviving and thriving after your position has been made redundant is having a financial battle plan in place. Managing money can be a daunting prospect in the best of times so it becomes even more important when you're between jobs.
The good news is that a Financial Services Partners Adviser can help you through redundancy. You don't have to make financial decisions by yourself.
They will assist you with:
- taking stock of your current situation
- understanding your redundancy entitlements
- creating a financial battle plan that considers your immediate cash flow needs
- submitting hardship applications to superannuation funds, if required
- identifying any money saving opportunities
- identifying any Centrelink entitlements
- setting new financial goals
- planning your financial life that can include superannuation, investment and wealth
- protection through insurance
- retirement planning if you're ready to leave the workforce.
Your Financial Services Partners Adviser will work with you to develop a redundancy plan that's specifically tailored to you. They will evaluate your current situation and take into account your future financial and lifestyle goals.