Dealing With Finances For Darker Days
Losing a job often has the effect of a bombshell, especially when you don’t expect it. Anguish is at its height if you have a family to support and several financial obligations to assume. How do you survive the weeks and months that follow without a basic salary? While some can count on severance pay or some savings; others find themselves unable to honor their creditors.
Besides the consumer proposal, what are the other possible options to make ends meet? What if you have to look at someone to sort your heating system, because of broken pipes, or perhaps you need to contact a company such as www.familyfuneralservices.com.au for a funeral – these costs are still going to be there. And you will still need the money. So there has to be a way to find it.
Try to negotiate the conditions of your departure
Although the news of a job loss arouses a lot of emotions, it is best to resist the urge to throw a tantrum or a tearful fit in front of the employer. Try to receive the information as dignified as possible and try to negotiate the conditions of your departure: compensation, longer deadlines, etc. You can also ask the employer if they plan any support, such as meetings with a psychologist for example.
Draw up your financial statement
As soon as you get back on your feet, rush to budget for the next few weeks, if not months. Take stock of your income. Do you have savings? Are you eligible for Employment Insurance benefits? Have you been entitled to severance pay? To severance pay or vacation pay? Calculate your fixed costs – mortgage, car loan, everyday bills, etc. – and contact your creditors to inform them of your new situation and try to negotiate additional deadlines or rescheduling. Speak to your banking advisor to take stock of your expenses and see if solutions are possible until you find a new job. Certain organizations can also provide you with good advice. If, despite your best efforts, you cannot make ends meet, and you fear personal bankruptcy, it may be useful to opt for the consumer proposal to restructure your personal finances and help you regain financial health.
Cut or reduce expenses
No need to tell you that it is imperative to cut unnecessary expenses to avoid taking on more debt. The point is not to panic and sell the house or car the day after your job loss, but rather to tighten your belt by assessing your real needs. Can your cellular plan be renegotiated? Do you really need cable or a landline? In short, it is up to you to make your choices according to your needs. Why not take the opportunity to clean up and sell the items you no longer use? Your wallet and your mind will be all the better for it. You’ll recoup some of your initial investment, make some space in your home, and best of all, you’ll occupy your mind and feel like you’re moving forward. On darker days, cheer yourself up by seeing the bright side. You no longer have to assume certain work-related expenses such as morning coffee, parking or public transport costs, dining out with colleagues, etc.