It doesn’t cost anything to speak to a financial planner, if you’re looking for support and direction, our impartiality can give you a valuable perspective on your financial situation and guide your thinking.
Here’s some points to consider:
1. Complete a full budget analysis. List your expenditure into two columns essential and non-essential.
2. Now adjust your spending to meet your new reality. How long with your capital reserves last?
3. If you think you will have problems paying bills, speak to your creditors/mortgage provider as soon as possible.
4. Identify your ‘protection gap’. Many employed people get life insurance, critical illness cover etc. as part of their employment package. Do you now need to source your own cover to replace what was provided?
5. Work out how you will approach the future; a quick return to work, no immediate return to work, or perhaps early retirement?
6. Read your redundancy paperwork carefully. Seek legal advice if you’re unsure of anything
7. If you received a lump sum from your employer, you may have questions around how best to use this and the tax implications of doing so.
Lavender Financial Planners Limited are here to help plan the route ahead. If you would like us to contact you for a free, no obligation chat please leave your details below: