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Redundancy just met its match (Part 1 of 2)

Two young athletes are doing one handed press-ups.

Being made redundant or opting to take voluntary redundancy has just made you the most powerful person in the room.

Redundancy and Money

Yes, there is money and you could blow the lot. Only the savvy badass that you are is now a strategic player. You are all over the spending situation and have been inspired by a little five-stage plan you read in this post.

Stage One

Identify what you want and need to do with the money. What do you want to do? 

A new business venture

Retraining 

The trip of a lifetime 

Up-sizing

Downsizing 

Re-investing

New car 

Cosmetic surgery

Relocation or renovation

Stage Two

Ask those who have been reliant on your income to identify what they want in their future that will require financing.

Ask them about their monthly expenditures. (There is a blank Monthly Spending Sheet at the end of this post, which you might find useful). At this stage you say nothing; you are in fact finding mode. It can be an eye opener to discover what other members of the household believe about finances and what you now know to be a fact. Collect their data.

Stage Three

Research meets action. You check out all things Martin Lewis has been telling you about for years. Look at the deals on cards and loans; what you might be entitled to reclaim? Are better deals available for you in terms of utilities and phones, banking and saving, insurances, mortgage, shopping etc?  

Stage Four

Hold a household finance meeting. Start with what you and others want and the realities of making those wants a reality. Don’t keep worry to yourself, practical and tactical is the way to go.

Refer back to the monthly planning sheets. Show examples of bills and savings now made.

You have found ways to save money, leading by example. This can inspire others to do the same.

Agree to a review date possibly after three months. 

Stage Five

Celebrate. You are now working towards the life you want and deserve.

Redundancy and Contacts

You made some phenomenal friends at work—keep in contact with them. It is possible you might work together again.

Reach out to your contacts on social media. If you would like to continue working, let people know you are available and looking for employment; this includes family. Your extended family might know of someone who needs your type of expertise.

Alternatively, you could pay it forward and give your skills somewhere else for a few hours a week. (For more on this, look for Part 2 of this post next week).

Redundancy and Rebirth

Could you do what have you always wanted to do? Well, perhaps that time is now. Whatever it is you want to do, this could be the ideal time to do it. In the next post, there are 20+ options for you. Your redundancy just met its match. Don’t miss it!

Monthly Spending Sheet

Monthly Spending Sheet

What do you want?

In Redundancy and You (Part 2) I address age, skills, experience, new horizons and emotions.

The inspiration for this post comes from the work of Adams 2009.

Bibliography

Adams, G. (2009) Overcoming Redundancy. Oxford, Infiniteideas. ISBN 978-1-906821-26-5

#redundancy #spending #money #finance #planning

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