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Tom Jones

It’s not unusual...to lose your job. Here's how to take the stress out

Over the weekend news broke that Tom Jones will not be returning as a judge on TV talent show The Voice for another season after the end of his contract. What should you do if you don’t have the Welsh warbler’s bank account to rely on if you find yourself out of work?

Losing your job can leave you with bills you need to pay and less money coming in. But before you panic, there are options. The key is knowing where to begin, and how to prioritise.

Here are our tips if you find yourself out of work.

Claim benefits and tax credits

When you’re out of work you’re likely to be entitled to various benefits, tax credits and rebates. Benefits such as Housing Benefit could help you out if you find yourself in a pickle with your mortgage or rent payments.

Don’t hesitate to use them if you can. Claim them straight away as it can take a few days to get some money coming in.

Check your insurance policies

Some insurance policies, such as short-term income protection, will replace a proportion of your income for a fixed period when you lose your job.

If you don’t have this type of policy, however, don’t buy one if you know that you are likely to lose your job – it’s unlikely that you will be able to make a claim!

Prioritise your debts

Most people have some sort of debt, whether this is your mortgage, car loan or credit card. Even your energy bills count.

Take the time to sit down and make a list of what yours are and where your focus should be. Some are more important to prioritise than others.

Boost your budget

If you’re going to have less money coming in, it may be time to have a closer look at your spending habits. Do you have any subscriptions you don’t use anymore you can cancel? Could you be saving money by switching your energy bills? Is there anything you could sell online to make some extra cash?

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