4 Tips to help you navigate job loss

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Did you know that between February 2022 and 2023 2.3 million people in Australia left or lost a job? (ABS 2023).

Job loss can be an unexpected and scary situation. It not only impacts our financial stability, but the uncertainty and fear that can come with losing a source of income can be overwhelming.

In moments like these, it's important to remember that there are plenty of strategies and resources available to help you confidently navigate through this period of uncertainty. You've got this!

Read on for steps on how to navigate career transitions, services that will provide support and tips on getting back on track. 

1. Assess your situation

"I've lost my job. Now what?" 

This is a question that many of us may face at some point in our lives. While it can feel overwhelming, taking a step back to assess the situation and make a plan is crucial and can help you figure out your next steps. 

1.  Do you have savings/an emergency fund?

One of the first steps in assessing your situation is to determine if you have any savings or an emergency fund. Having an emergency fund could help soften the blow. It’s a great way to support yourself without worrying about going into debt since it’s your own money. Consider the amount you have and how long it can sustain you while you search for new employment.

2. Organise your financial obligations 

Unexpected bills and payments can be a real buzzkill, leaving you feeling swamped and stressed. Start by gathering all your bills and categorise them based on their due dates. The benefits of this will help you avoid any unnecessary feed or penalties. To help you do this you could use the spending insights tool in the Beforepay app! 

3. Review and adjust your budget

Take a close look at your budget and identify patterns in your spending habits. Look for areas where you can cut back and save. If you don’t have a budget or need help refining one, we have got you covered. You can use our budgeting tool in the Beforepay app to help! 

4. Explore potential sources of income

While searching for a new job, explore potential sources of income to help bridge the financial gap. This could include part-time or temporary work, freelancing or consulting opportunities, or taking on odd jobs. Be open to diverse options that align with your skills and interests.

2. Seek support and guidance

Seeking support after you’ve lost your job is a sign of strength. It’s especially important to find support when you’re adapting from two incomes to one, as you may find it can feel overwhelming to readjust your budget and navigate your living expenses throughout this transition.

To help you get back on track, there are financial resources available to help.

Here are some other avenues you might be able to reach out to for help with navigating job loss.

1.  Someone you trust

Whether it's a friend, family member, or mentor, reaching out to discuss your situation and seek advice could help you set up a plan that will help break down your challenges into manageable steps that you can tackle.

2.  Workforce Australia

Retrenched workers and their partners can access customised employment services through Workforce Australia.

Employment service providers can help you:

  • Search and apply for jobs
  • Write a resume and prepare for interviews
  • Find training for the skills that local businesses need
  • Access printer, the internet, newspapers and other resources.

To register with a provider visit workforceaustralia.gov.au and:

  • Search for an employment services provider in your area.

Contact the provider and mention the Early Access initiative, which can support retrenched workers with finding new employment, regardless if you’re eligible for income support or not.

3. Service Australia

It’s best to contact Services Australia as soon as you know your job is ending. This may mean less time between the last payment from your employer and your first support payment.

To find out what you’re eligible for:

4. Australian Government

If you are owed entitlements you may get financial assistance from the Australian
Government. 

Visit www.fairwork.gov.au for more information.

5. Bank or financial institution

If you have a loan or mortgage repayment, you may be able to postpone your repayments for up to 12 months if you have lost your job or have experienced changes in your financial situation. Contact your bank or financial institution to discuss your options and eligibility.

If you are currently renting, you may also be able to seek rent assistance to help you pay for your rent while you are looking for a new job. 

3. Look for new opportunities

Don't be discouraged by job loss. Embrace the search for new opportunities as a way to bounce back, redefine your professional identity, and pave a path towards success.

Here are some steps you can try to help you with your job search. 

1.  Get to know yourself

Take the time to reflect on your values, passions, and strengths. 

Understanding yourself better can help you identify career paths or industries that align with your interests and skills, increasing your chances of finding fulfilling employment!. 

2.  Decide what you want and don’t want in your next role

Consider the aspects of your previous job or industry that you want to avoid in your next opportunity. 

3.  Assess your skills and explore opportunities

Take note of your skills, experiences, and qualifications. Explore opportunities to enhance your employability through upskilling or reskilling in relevant areas. You could explore strategies to increase your earning potential and secure a higher salary in our blog 4 steps that could help increase your salary.

4.  Network and leverage connections 

Tap into your professional and personal networks to discover potential job opportunities. Platforms such as LinkedIn are a great way to start networking!

5.  Reach out to employment services:

Receive expert guidance, training opportunities, and assistance tailored to your specific needs as you navigate through job loss and explore new career paths.

  • SEEK: a job site that can help you find the right job opportunity for you. 
  • Workforce Australia: a site that can help you search and apply for jobs, as well as provide access to education and training, coaching and support.
  • The Field: a job site built by and for people with disability that actively connects people with disability with jobs from inclusive employers. 
  • Self Employment Assistance: can help you turn your business idea or existing small business into a viable business.
  • Australian Apprenticeship Support Network (AASN): can assist you if you’re interested in pursuing apprenticeships or traineeships.
  • Career Transition Assistance (CTA): support for individuals aged 45 and over who are affected by retrenchment.
  • Skills Checkpoint for Older Workers: provides eligible workers aged 45 to 70 with a skills assessment and career advice to help them plan for their future careers.

6.  Find out what jobs are in demand

Receive expert guidance, training opportunities, and assistance tailored to your specific needs as you navigate through job loss and explore new career paths.

1. Registered Nurses

2. Software and Applications Programmers

3. Aged and Disabled Carers 

4. Child Carers

5. Construction Managers

6. Motor Mechanics

7. Retail Managers

8. Chefs

9. Generalist Medical Practitioners
 
10. Metal Fitters and Machinists

4. Find creative ways to save money

As you navigate job loss and changes in your career, finding creative ways to save money could also help you manage your finances while you get back on track. 

Here are some ideas you can consider. 

1.  Use grocery store loyalty programs and coupons.

Take advantage of loyalty programs offered by supermarkets like Woolworths Everyday Rewards, Coles Flybuys, and IGA Rewards. Don't forget to explore other participating stores to maximise your savings.

2.  Explore cost-effective transportation options

Consider alternatives to driving, such as walking, biking, or using public transportation.

3.  Compare and Save 

Consider using the Beforepay Compare and Save tool to compare various utility providers and see if you can save extra money by switching to another broadband internet, electricity, gas or mobile provider. 

4.  Look for budget-friendly entertainment 

Take advantage of free or discounted events happening in your city. Explore museums or use public spaces, parks and recreational areas for picnics, walks and paintings dates.

You can try websites like Eventbrite or Fever UP to look for free or discounted events around your area, or local council websites and social media groups and pages. 


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