7 Helpful Ways To Cope Financially After Losing Your Job

Let’s face it - going through a job loss can be a stressful experience for anyone.

Not only do you have to cope with the news but certain lifestyle adjustments will need to be made in the interim - however long that may take.

There are several ways to manage your finances from various support systems.

Below explores a list of options to suit different circumstances.

1.  JobSeeker

The first thing that comes to mind when you think about government support is Centrelink.

While you’re looking for a new job, it helps to check if you’re entitled to receive benefits from JobSeeker.

The JobSeeker payment replaced Newstart Allowance in March 2020.

To be eligible for the JobSeeker payment, you must:

• pass income and assets test
• be aged between 22 and the Age Pension age (65?, rising to 67 by 2023)
• meet residence rules

Visit the JobSeeker Payment for more information. 

2.  Parenting Payment

This type of payment is also for job seekers who are the main carers of young children.

To be eligible, you must:

• undergo an income and asset test
• meet principal carer rules
• care for a child under 8 if you’re single or under 6 if you have a spouse
• meet residence rules
• not have claimed before the birth of the child

Parenting payment is a fortnightly payment. Once your claim is approved, you’ll get your first payment 2 weeks after.

For more information, visit Services Australia.

3.  Financial Relief From Loan Payments

If you’re having difficulty with your loan repayments, check with your bank or financial institution. They may be able to offer you some temporary relief.

If, for some reason, they don’t agree to your request (must be reasonable) you can ask to have the decision reviewed.

You can do this through the Australian Financial Complaints Authority.

4.  Income Protection and Life Insurance Coverage

If you have life insurance, check your policy for redundancy insurance.

Some policies include income protection which can provide short-term financial assistance while looking for a job.

Also, check if you have income protection with your super fund. If you’re experiencing severe financial hardship, some super funds allow you to access your super early.

See the Australian Taxation Office for more information on early access to your super. 

5.  Financial Relief From Utility Bills

Contact your service provider if you can’t pay your electricity, gas, phone or water bill.

Your service provider will provide you with the following options:

• an extension to pay
• paying in instalments
• applying for a utility rebate or voucher
• Centrelink deduction (Centrepay)

To apply for a utility rebate or voucher, contact:

Home Energy Emergency Assistance Scheme

For Queensland households experiencing problems paying their electricity or natural gas bills due to unforeseen emergency or a short-term financial crisis.

Medical Cooling and Heating Electricity Concession Scheme

For people who have a chronic medical condition and need help with their electricity costs.

6.  Financial Relief From Insurance Premiums And Excess

Contact your insurer if you’re struggling to pay your home, car or health insurance premiums or excess.

Explain your situation and ask to apply for financial hardship. They may even provide assistance to help you pay your excess, should you need to make a claim.

7.  Financial Relief From Council Rates

If you can’t pay your rates, contact your council as soon as possible.

Below are your options:

• paying in instalments
• paying a portion or all of your rates at a later date
• writing off interest on overdue rates
• waiving or reducing your rates if your land revaluation increased your rates, causing you financial hardship

Final Word:

In a world of uncertainty, it’s nice to know there are options out there when things are tough.

Please comment below if you have found this article helpful.

Are you in need of financial advice? Phone me, Benjamin Collins on (07) 3041 1382. Alternatively, send me a message on LinkedIn.