Dealing with unemployment

Losing your job can put strain on your lifestyle and finances.

There are measures you can take and help you can seek that will lessen the impact and get you back on track sooner.

Figure out where you stand

If you lose your job, you should immediately take stock of your finances. You'll most likely have to make some compromises on your short-term spending. Check whether you still have any pay outstanding from your former employee. If you have any spare funds, set up a savings account to safeguard them.

You might have committed to a personal or home loan when you were employed. If repayments are likely to become an issue, talk to your bank and see if they can help. Most banks will offer flexible repayments on loans and repayment holidays for times like this.

Regain your footing

Once you have figured out where you stand financially, you can start thinking about the next step. Government assistance can help you in the meantime, as can part-time, casual or freelance work until you find something more permanent.

Looking for a new job can be a long process, so be prepared for the possibility of being out of work for at least a little while. When searching for a job, don't just rely on job seeker websites; try recruitment agencies and utilise your immediate and extended network. You never know where your next job might come from.

Don't lose hope!

Even though people focus on the financial strain of losing a job, the emotional cost is just as significant. The health risks of anxiety and depression are very real, so try to get plenty of sleep, establish a regular schedule, focus on the good things in your life and look after yourself.

Losing a job doesn't mean your career is over; it's just a change of direction. Stay positive and get back on track. (If you have experience in the finance industry, check our Careers page - we may be hiring!)