Losing your job can be a stressful time and put a significant strain on both you and your personal finances. It is a good idea therefore to prepare for eventualities such as this, and make yourself aware of your rights to make life a little easier.
Having a plan in place for events such as losing your job can really make a difference when it comes to your financial wellbeing, even if you have been given financial compensation like a redundancy payment. Losing your job could leave you unable to make your mortgage or loan repayments, which is why having a protection plan may help. It is also a really good idea to start looking at your expenditure and create a budget to ensure you aren’t spending beyond your means so you can live comfortably until you get a new job.
If you have lost your job, there may be certain benefits available to you which could help you to deal with your income loss. You could be entitled to receive Jobseeker’s Allowance while you are looking for work, and you may also be eligible for help paying your rent from Housing Benefit depending on your income and savings.