What to do next if you've lost your job

Losing your job is tough. It doesn’t just take a financial toll – your emotions can go into overdrive and and trying to find another job when your ego is bruised could feel like an uphill battle.

We want to help you get through this challenging time, with some tips and resources to help get you back on your feet and into a role.

Take a moment to regroup

If you’ve just been let go, you’re probably feeling a whole lot of things at once: panic about how you’ll cope, stress over job hunting, anger at your former workplace, maybe even a little relief or excitement about what the future might hold.

All of these are normal. Before you get stuck into the business of looking for a new role, give yourself a chance to process these emotions – as well as what happened. Chat to friends and family, look for support online, or even make an appointment to have a chat with a professional. When you’re ready to move on, you’ll be in the right headspace to do so.

Find out what you’re eligible for

The government has a number of different payments available to people who are out of work. If you’re between 22 and pension age, you may be eligible for the JobSeeker Payment, which will provide some support while you look for a new job.

As well as payments from the government, you might be eligible for unpaid entitlements, like leave. Services Australia has a helpful guide to finding out, and the Department of Education, Skills and Employment offers this breakdown with heaps of available services and programs.

Get serious about your finances

Losing income obviously gives the household budget a hit. Don’t ignore it: take control instead.

Sit down with your bank accounts and find out exactly what you’re working with. How much do you usually spend in a month? Do you have any money in your savings account? The more you know, the easier it will be to stay on top of what’s going in and out.

Follow our tips for tightening the purse strings – even after you’re back at work.

Prepare for your next gig

Speaking of getting organised: now is also a good time to review your job seeking processes. Before you dive into applying, go over your arsenal. When was the last time you looked at your CV? Could your interview skills use a polish? Especially if it’s been a while since you were last in the market for a new gig, it’s worth getting up to speed on what employers are looking for and how to show them you’re a great candidate.

Many job websites have guides, videos and how-tos. Check out SEEK’s extensive portal for all kinds of tips.

The government can help with this part, too – they have a whole website dedicated to what you can do next.

Find out if you’re eligible for hardship or income protection

If you have a mortgage or other loan product, you may have taken out an income protection policy. These can cover part or all of your repayment obligations while your income is affected, for example, by job loss. Contact your insurer to find out if you’re eligible to make a claim.

If you’re experiencing financial hardship, your bank or lender may also offer flexibility on repayments and other obligations. Putting them on hold can help while you get back on your feet.

If you’ve lost your job due to Covid-19

JobKeeper is a Federal government wage subsidy available to any full-time, part-time or casual employee who has been stood down from their normal job. It’s paid to the employer, who passes it on to you. There are various eligibility criteria, but if you meet the guidelines, you’ll receive $1500 a fortnight – even if that’s more than what you were on before.

For those people who don’t meet the JobKeeper criteria, there are two other payments worth investigating: JobSeeker and the Coronavirus Supplement, which is paid in addition to other government allowances.
You also might be eligible for the government’s once-off stimulus package. It’s designed to “support domestic demand in the economy” – you’re meant to spend it. You can find out if you’re eligible via their detailed fact sheet.

If you’re with ME Bank, we are supporting customers through Covid-19 – now, and in the months to come. We’re even paying bonus interest for three months, to lighten your load. Find out how to minimise the impact on your finances.
 

Be kind to yourself

This is a big life change. It’s okay – and normal – to feel overwhelmed and uncertain.

Remind yourself that it’s okay to feel unsure about the future. That’s a mindfulness technique – sit with the feeling, instead of trying to push it away.

Treat this like a grieving period. You’ve lost something significant, and it might take time to recover. Try not to put pressure on yourself to do things perfectly all the time.

Seek support from others

If you’re struggling with the mental or emotional strain of an unknown future, there are people waiting to help you.

Beyond Blue’s crisis line is 1300 22 4636 and operates 24 hours a day, seven days a week, and they have a great list of other resources for specific mental health needs.

Lifeline’s phone, text and online chat services are all available to offer care during uncertain times.
 
Losing your job or being made redundant – even by choice – can turn life upside-down. A clear way forward, and a little human kindness turned inward, will get you through to your next adventure.