Unemployment is High: How to Best Protect Yourself

How to Best Protect Yourself - Unemployment

In today’s economy, . Making sure that you are fully prepared in the event of losing your job is important, and putting preventative measures in place to now to ensure that you will be able to continue paying important bills and be financially stable is highly important. Having plans in place for your financial safety during the event of becoming unemployed will ensure that you have less stress and worry to go through. We’ve put together some simple things that you can start doing now in order to ensure that you are financially protected if you were to lose your job.

Start Saving

A number of households in Australia do not have any sort of savings plan in place for emergency situations such as becoming suddenly unemployed. Starting a savings account and paying whatever you can per month into it now can go a long way when it comes to emergency expenses in the event of unemployment. Saving money now will ensure that you have something to cover bills, food and other expenses that you will need to continue to pay even if you were to lose your job.

Get Insured

Searching for income protection insurance quotes online will bring up a range of different policies which you can take out in order to ensure that you are covered should you become unemployed. Taking out insurance to cover you in the event of unemployment will provide you and your family with the peace of mind that you need to know that there will always be some kind of income coming in to ensure that you can cover your expenses, no matter what the situation. Income protection insurance will pay you out a lump sum or series of payments should you become unemployed, ensuring that you have enough money until you can find a new job.

Live On One Income

If you have a partner, learning to live on just one of your incomes will help you to prepare best for the event of one of you becoming unemployed. This way, you will be able to put one of your incomes into a savings account, meaning that you will also have money saved to cover expenses should one or even both of you be made redundant or become unemployed for any reason.

Delaying Major Purchases

If you have any idea that you may be subject to being made redundant or becoming unemployed in the foreseeable future, or the company which you work for is experiencing financial difficulties and is laying people off, you should prepare yourself as best you can for the worst to happen. This includes delaying any major purchases, such as booking expensive holidays, buying a new car, or even purchasing a new house. You should try to keep any expenditures on credit to a minimum so that you have less repayments to worry about, leaving more free credit for you to use in the event of an emergency.

You may also be entitled to welfare or benefits in order to help you should you become unemployed. It is best to research now so that you know exactly what you are able to receive and how to apply in the event of unemployment in the future.