Getting back on track after redundancy

Once you’re back in work following redundancy, it’s important that you look at your finances and start to get them back on track.

How to get your finances back on track after redundancy

• Review your finances

  
  Put together a new budget. Keeping your essential household bills up to date is your top priority

• Clear your arrears

  
  Clear the arrears on your priority bills. Put an arrangement in place to clear them over a reasonable period

• Get free debt advice online

  
  If you need help and advice on how to pay your unsecured debts, you can get debt help from StepChange online 24/7

• Start saving

  
  Ideally, we recommend you build up to a minimum of three times your net monthly salary over time. Keep the money somewhere you can access it quickly and easily, as you may need to use it to pay bills or buy food at short notice

• Consider taking out insurance

  
  Think about getting mortgage payment protection or income protection insurance. If you decide to take out any insurance, take advice and be clear on what the policy will, and will not provide

• Contact the Pensions Advisory Service

  
  Find out if redundancy will affect your pension by visiting www.pensionadvisoryservice.org.uk or by calling 0800 011 3797