Anthony Luzio finds out how to get your finances in order if you lose your job
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Anthony Luzio finds out how to get your finances in order if you lose your job
Sudden debt
At the risk of stating what Basil Fawlty would refer to as “ the bleeding obvious ”, now is not a good time to be out of work . Employment website CV Library saw a 106.1 per cent year-onyear increase in applications per job in Q2 , with openings for roles as diverse as an assembly operative , warehouse worker and trainee accountant , in areas as far flung as London and Sunderland , each receiving more than 2,000 applications in July . A vacancy for a trainee paralegal in London topped the list , with 4,228 jobseekers expressing their interest . If you are unlucky enough to have lost your job this year , you are likely to have already faced some difficult decisions . However , even if you are one of the lucky ones who is still employed , it may be a good time to take stock of your situation , says Kerry Nelson , managing director at Nexus IFA . “ One of the big messages we send out is to get your finances in order ,” she says . “ It ’ s very difficult when you ’ re in the here and now , because you don ’ t have that luxury of time .”
Cash is king While a general rule of thumb is to have three to six months of income stashed away , Adrian Lowcock , head of personal investing at Willis Owen , says a better yardstick is three to six months of typical expenditure , as this will allow you to maintain your standard of living . Importantly , this needs to be in cash . “ The issue with investments is that you may have £ 10,000 in equities , but when you need it , it may have
Even if you are one of the lucky ones who is still employed , it may be a good time to take stock of your situation
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