Review your budget and organise your finances

Take a look at how your retrenchment will affect your budget. You might need to revise it to suit your current situation. If you have unnecessary expenses, cut them out completely.

Contact your creditors immediately

A loss of income could mean that you won’t be able to afford the instalments on a loan or your retail account payments, which can affect your credit profile. Contact your creditors to let them know about the change in your situation and also check to see if you have retrenchment cover that will settle part or all of what you owe.

Preserve your pension fund

If you have one, avoid the urge to cash in your company pension fund. Rather transfer it to a preservation fund or a retirement annuity. If you do withdraw your funds you’ll be taxed and it will affect your ability to meet your retirement targets when you actually retire.

Claim UIF

If you contributed to a fund while working, you can apply for and claim UIF benefits. You must apply within 6 months of being retrenched. You can claim from the day you stopped working till the day your benefits run out or you start working again.

Reduce your bank costs

Use banking channels that are free or cost less than withdrawing cash at ATMs. Cash does have some hidden costs, so use your card, your bank’s app or internet banking instead to save time and money.

Assess yourself

Were you retrenched for something you didn’t do well? Make a note of it as an area you need work on. Revisit your career goals. Start thinking about what kind of job you’d like or whether you want one at all.

Take this time to update your CV. If you have money available, now might be a good time to go back to school to do that short online course you were thinking about.

Let your network know

Inform friends, family and old colleagues that you’re looking for work. Use your social network connections too.

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