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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.
"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.
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.
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!
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!
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.
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.
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.
Retrenched workers and their partners can access customised employment services through Workforce Australia.
Employment service providers can help you:
To register with a provider visit workforceaustralia.gov.au and:
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.
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:
If you are owed entitlements you may get financial assistance from the Australian
Government.
Visit www.fairwork.gov.au for more information.
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.
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.
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!.
Consider the aspects of your previous job or industry that you want to avoid in your next opportunity.
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.
Tap into your professional and personal networks to discover potential job opportunities. Platforms such as LinkedIn are a great way to start networking!
Receive expert guidance, training opportunities, and assistance tailored to your specific needs as you navigate through job loss and explore new career paths.
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
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.
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.
Consider alternatives to driving, such as walking, biking, or using public transportation.
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.
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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