How to get back on track after being made redundant
Redundancy is one of those things that make us all think “that won’t happen to me.”
The good news, for the most part, is that’s true – the majority of us will go through life without having to face turbulence in our jobs. There are, however, a significant number of people who will face potential redundancy through no fault of their own, meaning it’s something we should all be prepared for.
The most important thing during and after a redundancy process is to get back on track with normal life as soon as possible, but how do you go about doing that?
Don’t wait for the worst to happen
Getting caught completely off guard by redundancy is one of the worst scenarios you can face. Considering many young adults in particular don’t have any savings to speak of, an unexpected redundancy could leave many quite literally out in the cold.
This is where the importance of savings or an emergency fund comes in. It might not be the most fun thing in the world to put money to one side every month, but it could be the difference between being able to capably manage a redundancy period and facing real financial trouble.
You may think you are living in a cost-effective manner, but if you’ve never taken steps to address your spending habits, the chances are you’ll have at least some amount of frivolous spending in your life. Of course, while you’re earning a steady salary this isn’t too much of a concern, but if you’re going to face a month or two without pay, it becomes much more significant.
If you’re made redundant, look to review your spending immediately, focusing on all your unnecessary spending and tightening your monthly budget to only include essentials. If you’re still struggling for cash flow, you can look to get a little extra help to keep yourself ticking over, get a credit card to help spread out your costs or look to family for financial support. Just make sure you’re in a position to repay things in full once you’re back up and running.
Get all the support you can
Redundancy is a difficult time that comes with more than just financial strain. Many can find it as much of an emotionally distressing period as a financially troubled one – in fact the two tend to go hand in hand.
The best thing you can do is use what support network you have around you. Your family and friends will be supportive to your cause and be willing to offer you help to get back on your feet. Whether that’s a loan from the bank of mum and dad, valuable advice from someone who’s been in the same situation as you previously or just a good time hanging out with your friends to take your mind off things, make sure to use the emotional resources you have around you.
Enjoy your “time off”
Yes, redundancy is a stressful time, so this one might be easier said than done. But, if you can, try and use your time away from work to enjoy yourself. After all, we spend most of our working days wishing we had more time off to do what we want to do, so if the time is there – why not use it.
You might not have a lot of money to do things, but you can enjoy activities on your own terms through the day, even if it’s just an extra hour in bed on the morning or a nice walk in between your job search efforts. Making the most of your time will help keep you in a good headspace going forward, which is probably the most important factor on the road to recovery.
Redundancy is never a good thing, but it can be very manageable if you’re prepared for it. If you’re already living to a tight budget and have curbed your spending habits, you will be in a stronger position should you ever get some unexpected news at work.