Three ways to protect yourself against the impact of redundancy

Three ways to protect yourself against the impact of redundancy

If you pick up a newspaper, turn on a television or surf the internet it is extremely likely that you will find it very difficult to avoid news of the proposed Government spending cuts. What is more, this news is likely to be followed by warnings of job cuts and rising levels of unemployment. In fact, there seems to be no end to the amount of negative news when it comes to UK finance.

Like many people you may be extremely concerned about the financial events that are happening around you. You may be even more concerned about the security of your own job.

As the UK braces itself for an avalanche of job cuts in both the public and private sector, it may be time for you to take some decisive action. Take a look at three ways in which you can help protect your income against the impact of redundancy

Tip 1: A personal spending review

The Government have very recently had to make some very difficult decisions in terms of spending cuts in order to reduce the spending deficit the UK is labouring under. Perhaps it is time for you to consider doing the same. Take a look at your outgoings and cut out the ones you can. By doing this you put yourself in the best possible position in case you need to cope with a reduction in or even a loss of income. It may be difficult to make cuts, especially for luxuries which you enjoy, but unfortunately it may become a necessity.

Tip 2: Save what you can now

It's simple, but effective. Save what you can while you have an income. In the event that you are made redundant or face a sudden reduction in your income a little bit in savings can go a very long way. If you can save then do it, even if what you can save is only a small amount. When it comes to saving anything is better than nothing. If you can't save then you need to look at your finances and if possible find a way in which to reduce your outgoings

Tip 3: Look into Unemployment cover

It may be possible for you to take out Insurance to cover you in the event that you are made redundant. Frequently, this Insurance will pay out a monthly income for a specific amount of time. This may be up to 12 months giving you a chance to find another job. This income can make the difference between staying on top of your financial commitments and financial difficulties and surprisingly this type of Insurance tends to be one of the least expensive.

If you decide to investigate this type of Insurance you may wish to seek the advice of an Independent Financial Adviser as different unemployment policies carry different terms and conditions and different exclusions that could make all the difference when it comes to making a claim on your unemployment Insurance policy

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