The loss of a job, or the unplanned cut in hours on a job, creates a very challenging situation for many Victoria families. Individuals, couples, and families living paycheck to paycheck or those with limited savings and income options are particularly hard hit by these types of unwanted changes in income.
There are some things anyone can do if they experience a job loss. These tips and strategies from 4 Pillars debt consultants are effective and offer options to deal with financial issues and challenges proactively.
Consider Your Options
The first strategy recommended by 4 Pillars debt consultants is to determine if there is a possibility to supplement or replace the lost income. In other words, is there another form of income available to the individual or the couple.
Some people may qualify for Employment Insurance, which is available to those employees who lose their job through their employer and not due to their own fault. This includes layoffs and downsizing issues with companies. There are also options for those who are self-employed or those who are caregivers for other individuals.
Budget and Set Spending Limits
The 4 Pillars debt consultants are available to help individuals and families in Victoria budget through times of financial challenges. Determining how to stretch your savings and income and avoid any missed payments is essential to protect your credit score.
Contacting creditors proactively can help to defer or modify payments on large debts, allowing you to stay current until finding another job.