Getting back on track after job loss
Being made redundant is stressful, but taking control of your finances helps you navigate this challenging time and rebuild.
You may be entitled to statutory redundancy pay based on your age and length of service. This is capped at £16,320. Check your contract for any enhanced redundancy terms.
You should also receive notice pay (or payment in lieu) and payment for any accrued but untaken holiday. Get everything in writing.
As soon as possible, create a bare-bones budget covering only essentials: rent/mortgage, utilities, food, and essential transport. This helps your savings last longer.
Contact creditors and utility providers to explain your situation. Many offer payment holidays or reduced payments for those facing hardship.
You may qualify for Universal Credit while job hunting. Use a benefits calculator to check what you're entitled to. Housing Benefit may help with rent costs.
Register for Universal Credit as soon as possible, as there's often a waiting period. You can manage your claim online.
Once you're back in work, focus on rebuilding your emergency fund. Even small regular savings provide a buffer against future uncertainty.
Use Delphina to budget and track your spending during this time.