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5 Actions You Should Take After Losing Your Job

Posted on 6 May 2017

When you lose a full-time job, it can be a devastating event. But if you follow these tips immediately after losing your job, you’re more likely to keep some cash flowing in while you begin your job hunt:

1. See if you qualify to withdraw from your super fund.

You may be eligible to withdraw money from your superannuation fund that can hold you over until you get your next job. Government websites can help you determine your eligibility for early access to your super fund.

2. Look for short-term work

Think about getting a part-time work while you look for a full-time job. Put your name down with employment agencies, ask friends if they know of any jobs, or ask local businesses if they need any casual staff. Visit Australian JobSearch to see a list of job vacancies around Australia.

3. Use up any remaining benefits that your former company may offer

The MoneySmart government website gives you tips on what to do when you lose your job, and advises that you immediately find out what your former employer still owes you. In addition, re-read your employee contract, and be sure that you receive an exit interview so that you are clear on any employee benefits to which you are still entitled – and on what date those benefits expire.

4. Apply for unemployment benefits and other assistance for jobseekers

The Australian government offers unemployment benefits through its NewStart program as well as other governmental assistance for job seekers. You may be eligible for these benefits while you’re seeking work.

5. Limit your spending

If your income drops, bite the bullet and change your spending habits as soon as possible. These cutbacks may be hard but, remember, they are probably temporary.

Bringing your spending into line will mean changing your habits and plans. You may have to postpone holidays; cut down on things like coffee, alcohol, cigarettes, pay TV or mobile phone calls; spend more time shopping around for the best prices; and hold back on buying clothes and eating out. Resist the temptation to use your credit card to cover shortfalls.

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