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10 Ways To Make The Most Out Of Your Retrenchment

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Great Women

10 Ways To Make The Most Out Of Your Retrenchment

Being pushed out of your job before you’re ready to leap into retirement can come as a shock – but you can turn that retrenchment on its head with these tips

October 7, 2018

Credit: Envato Elements

COVID-19 has thrown the entire economy in whack, causing plenty of industries such as travel, nightlife and events to be put entirely on pause. This has caused major restructuring, resulting in many people having their job offers rescinded or getting retrenchment with little to no warning.

While getting retrenched is shocking, there are still many major financial decisions you’ll have to deal with while having to cope with the emotional fallout. Here’s how to tackle your redundancy issues head-on so you can turn that frown upside down and embark on a new journey up the career ladder.

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“I Was Retrenched At 27 And Ended Up With Less Than $100 In My Bank Account”

https://www.womensweekly.com.sg/gallery/great-women/10-ways-make-retrenchment/
10 Ways To Make The Most Out Of Your Retrenchment
Don’t blow your redundancy
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When your redundancy is paid out, resist the urge to do anything rash. Taking a big trip or buying a new car can leave you with less capital than you need to get you through your retirement years.

Photo: Pixabay
Try to pay off your mortgage and debts before investing
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It’s important to develop a clear picture of your finances — debt is a drain on your resources and it is better to get rid of it before putting money into your CPF savings. Look at your credit card and bank statements for the previous three months and break down all your living expenses. From there, you can make the necessary adjustments.

Photo: 123RF
Get a part-time job if full-time work isn't available
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If you don’t have enough savings, even part-time work will help boost your balance and avoid eating into your funds too soon. If you have built up assets, this may be the time to live on investment wealth for a couple of years. But if you do, first seek financial advice to minimise tax.

Photo: Pixabay
Take stock of what your job meant to you
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Just as losing your job can play havoc with your finances, it can also undermine you emotionally. If your job gave you stimulation, social interaction and even physical activity, find ways to replace these things. It can be a great opportunity to decide on what you want to do in your life at this point.

Photo: Pixabay
Plan an activity for each day
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The risks of social isolation grow with redundancy, so to counter this plan something, even if it is just going for a walk, or meeting friends for coffee. Tap into your social network of family and friends and don’t let yourself become isolated.

Photo: Pixabay
Upgrade your skillset
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If you have to return to work, consider retraining. There are lots of government programmes like Skills Future that can help you do this. On the other hand, if you plan to transition to retirement, think about volunteering, study, taking up a hobby or getting fit.

Photo: Pixabay
Give yourself time to grieve
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Just like it would be with any other major loss in your life, the grief you feel from a job loss will be real grief. Recovery time can depend on factors, including what time in your life it occurs, your financial situation and the importance to you of your job — how much of your identity is bound up in your career.

Photo: 123RF
Focus on the positives
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Keep in mind that this period of instability will eventually end when you get back into the workforce. Don’t doubt that you will, most adults are doomed to work for life! Take some time out to re-calibrate your priorities, let the negativity slide over and keep yourself centered on the present.

Photo: Pixabay
Keep a balanced lifestyle
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Constantly and consciously take time out to keep yourself healthy and active even if you’re focused on securing that next job. The more sluggish your body is, the less energy you have mentally to deal with a challenging phase in life.

Photo: Pixabay
Trust yourself first and foremost
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Remember, you are your best friend and motivator. Trust yourself and your own wisdom if you need to make big decisions. Never isolate yourself thinking that you’re less worthy just because you’re retrenched.

Text: Cat Rodie/bauersyndication.com.au
Additional reporting by Natalya Molok

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"I Was Retrenched At 27 And Ended Up With Less Than $100 In My Bank Account"

Photo: 123RF
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