How to Handle Losing Your Job

How to Handle Losing Your JobLosing your job can be a very stressful and difficult time. It can cause a lot of added stress and anxiety as your future remains uncertain. The important thing is to be sure to take care of yourself properly because the added stress and anxiety can lead to an array of different health issues. Below is a list of several things you can do to make losing your job easier to deal with.

  • Take Care of Yourself. With the added stress that you are now facing, it is more important than ever that you be sure to take care of yourself, by eating right, getting enough sleep at night, and exercising through the day. Be alert that high anxiety can lead to excessive drinking, smoking or drug use. Limit your intake of these products to avoid any problems.
  • Ask for Help. Do not be afraid to reach out for help during this time. Your friends and family members may be able to provide you with emotional and financial support. If your anxiety level continues to increase, or you have signs of depression, you should seek help from a professional counsellor. Talk to your GP about setting up an appointment for you.
  • Extra Support. You can also find great resources and supportive services through the Beyond Blue website. This website is designed to help people who are going through a difficult time. If you need immediate help, or are having thoughts of suicide, you need to contact Lifeline on 13 11 14 immediately for supportive services.

Help with Finances
In addition to taking care of yourself, you must also make some financial decision. You want to plan for at least two month in advance to give you time to look for a new job. Here are some tips for handling your finances after losing your job.

  • Create a Budget. If you do not already have a budget in place, now is a good time to start one. Take into account all of your income you have on hand and add in any additional payments you will receive while unemployed. Then calculate your expenses to match the income coming in every month. This will help you see where you are spending money and if you will be able to pay all of your bills.
  • Limit Spending. After creating a budget, you must try to find areas where you can limit your spending. Some areas you may be able to cut down in are not dining out as often, not purchasing new clothes, or not buying new household furnishings. You may also need to postpone a previously planned vacation or special event.
  • Cut Services. You may also want to contact some of your service providers, such as phone and cable, as see if you can reduce your services to get a cheaper bill.

Financial Support
There is also financial help available to help you through this time. Here are some ways that may be available to help you receive some type of payments while you are looking for a new job.

  • Redundancy Pay. The company you worked for may provide you redundancy pay or some other type of payments when you are terminated from your job. If you feel that you were treated unfairly and did not receive the final pay you deserve, you can contact the Australia Unions for assistance. If your company liquidated, please see the government’s Fair Entitlement Guarantee website to ensure you get the pay you deserve.
  • Centrelink Payments. You may also be eligible for NewStart Allowance payments or other benefits through the Centrelink centre. There may be a waiting period before you benefits will begin, but you should contact the Centrelink office or apply online as soon as you lose your job. They also provide supportive services to help you find another job.
  • Part-time Work. It may also be beneficial for you to find a part-time or temporary job to bring in some extra money until you find a permanent full-time job. You can begin your job search on the governmental website, Australian JobSearch.
  • Contact Lenders. If you have fallen behind on some of your bills, or already know you will not be able to make a payment, you should contact your lenders right away. Ask to speak to their hardship office and explain your situation. They may be willing to allow you to make smaller repayments until you find employment.

Immediate Help
If you need immediate help and have no income coming in, you may be eligible for several additional forms of financial support.

  • Australia Government Department of Social Services. The emergency relief program is set up by the Department of Social Services to provide emergency fund to those in need. These services may include payments for food, medication, transport, utility bills, rent and clothing.
  • Charities. There are also several charities across the country that provide emergency funds to people in need. Please contact the St. Vincent DePaul or the Salvation Army for additional information.
  • Superannuation Fund. Depending on your specific situation, you may be able to release some of your superannuation funds to help in the case of an emergency.

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