Circumstances change for all of us, and this can sometimes mean a loss of income which can be especially worrying. There are many reasons you might experience a loss of income, through a change in hours, redundancy or job loss, early retirement, illness, or other leave of absence from work. There are a few things you can do if you're in this situation to help assess what this means for you and start to think about next steps:
This will allow you to assess your income and spending for the immediate future, and whether any redundancy, retirement or pay package, or any savings will cover what you need. We know it’s hard, but it might also help you identify any items you can cancel or do without.
This should help you feel more in control with a spending plan in place for the 6 – 12 months ahead. Organisations like Citizens Advice and MoneyHelper have detailed budgeting tools that can help you with this.
If your income has changed, you may be eligible for benefits like Job Seeker's Allowance (JSA), or other support if you're unable to work. Check the Government website for guidance on different benefits and eligibility.
Consider consulting your employer’s trade union or employee representative. Citizens Advice might be able to provide some immediate guidance on your employment rights. It might be worth consulting the Government website on work and pensions, or an employment specialist website like ACAS - Acas | Making working life better for everyone in Britain.
Focus on updating your CV, and planning your job search – consider job websites, recruitment agencies, social media, companies’ own websites, newspapers and magazines.
Send out your applications and prepare for your interviews.
These situations can be overwhelming – try to talk to someone about anything you’re struggling with (a family member, close friend, or healthcare professional). Try to make sure you eat properly and get enough exercise and sleep (we know it’s easier said than done).
If you're worried about money and struggling with your mental health, organisations like Mental Health & Money Advice can offer advice, support and further resources.
