No matter what you do and what financial position you’re in, losing your job can be a big financial shock. Aside from looking for work, one of your main concerns may be how you manage your money during this time.
Here are some tips and also areas to look into.
Know your rights
Depending on your circumstances, you may be eligible for a redundancy package. Your employer should have a process that outlines the conditions under which they provide redundancies and they’re legally required to provide a fair redundancy if you’ve worked for them for at least 2 years.
See if you're covered
Do you have cover for income protection? If so, you may be able to make a claim with your provider. You might also be entitled to receive benefits to help you.
Look at the available benefits
The government offers a range of benefits that can help you manage your money while you look for work. You can use this free calculator to find out if there are any you’re eligible for.
Build a budget
It’s difficult to know, but how long do you anticipate being out of work? If you’re unsure, you can use 6 months as a starting point. With your current spending, how long would the money you have last? Don’t forget to factor in any upcoming costs that you know you’ll have to pay for in the near future such as car registration.
If you have a budget you may need to adjust it to help you manage your money during this time of transition. If you don’t have a budget, now may be a good time to create one to give you an idea of how long your money will last.
Even if it looks like you could last for 6 months at your current spending it could be a good time to think about areas of spending where you can cut back.
And if once you draw up your budget and don’t think you’re going to be able to make your money last there are some support services that may be able to help.
Getting help
If you’re an HSBC customer, you can call our team of specialists on 0800 028 7183 to get a helping hand.
Lines are open:
08:00 - 18:00 Monday to Friday
08:00 - 16:00 on Saturdays
Please note, lines will not be open on public holidays. Calls may be monitored or recorded.
There are also a number of independent organisations who can provide help and give general advice about managing money.
You can find out about free independent money advisers in your area from:
- Citizens Advice - https://www.citizensadvice.org.uk
- AdviceUK - https://www.adviceuk.org.uk
The following helpline services can offer help and advice:
- National Debtline - https://www.nationaldebtline.org
- StepChange Debt Charity - https://www.stepchange.org
