Losing your job is never easy, but it is a little known fact that the UK ranks third worst for employee protection in a survey of 30 countries by the Organisation of Economic Co-operation and Development (OECD).So if the unfortunate time does come when you lose your job, you need to know what you can do so that you will be okay.
Apply for jobseekers allowance as soon as possible
There are a number of requirements
that you must meet in order to receive Jobseeker's Allowance (JSA), with the primary ones being that you are 18 or over but below State Pension Age, not in full-time education and must be actively seeking work.If you are aged between 16 and 24, you can get contribution-based JSA of £57.35 a week, or if you are 25 and over, £72.40.You can only get contribution-based JSA for 182 days however, as from there you will be moved on to income-based JSA.
Work out your debts
Whether you have a mortgage, car loan, a credit card or anything else, list every outgoing - including the ones you may easily forget about (Spotify anyone?).You need a clear picture of where you stand and how much you need to pay each month. This may also be the time where you can claim on insurance, as mortgage payment protection insurance (MPPI) will cover your mortgage payments for a limited period of time.Once that you have sorted your priority debts (tax, rent, utility bills) from your non-priority debts (credit cards, overdrafts, catalogue debts), you can work out a budget and realise out what is coming in and what is going out.
Work out a food budget
By working on a few techniques to save money, you can save thousands a year on your food shop. By putting sweets and magazines near the till, keeping profitable products at eye level and making their 'sale' signs extra noticeable, supermarkets know how to make us spend, but there are ways to avoid falling at the hurdle:
- Downshift your brands. Take words like 'premium' only as a treat.
- Keep an eye out for value. Words like 'basic', 'savers' or 'own brand' should imply that you're set to make a great saving. The Money Saving Expert has published a great Downshift Challenge Tool. See how much you could save right there.
- Hunt for disguised brands, which are often two brands that are made in the same factory.
For example, Sainsbury's own brand Jaffa Cakes may come from the same factory as McVitie's Jaffa Cakes, meaning that they are practically the same product.
- One of the worst things that you can do is shop when you're hungry, and if you pop into the shop for a pint of milk during the week, don't be tempted to pick up a basket.
Take a look at how the internet can help
With more people finding jobs on social media sites such as LinkedIn, it could be worth sprucing up your CV for a new online profile to help you bounce back.Additionally, set your Facebook profile to private so that any would-be employers are limited in what they see. In fact, according to a survey
, 37% of prospective employers look up a candidate's profile, so changing the privacy or curtailing your posts could well be worth doing.
Look to sell your home
Although you may not hear much about it, selling your home in order to get hold of much needed cash is actually quite common.Our four step process is simple, secure, easy to understand and has been used by thousands of people who have been made redundant across the UK. Additionally, you will receive a guaranteed sale, a quick offer and will pay no legal fees or hidden charges.One additional benefit of Property Rescue is that we are authorised by the Financial Conduct Authority (FCA) to advise on & arrange Sell and Rent Back, where you sell your home and rent it back afterwards. This is organised through our “Rent Back Experts
” division. We will help you identify whether this is the best option for you.As one of the largest fast house sale specialists, Property Rescue operates under a strict code of practice approved by the Office of Fair Trading (now governed by the Competition and Markets Authority) and we are also members of the Property Ombudsmen.