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Rising home loan repayments got you thinking? Take control by cutting costs and managing your money |
I'm worried about my jobAs large and small businesses around the country cut costs to survive the economic downturn, thousands of people in Australia may lose their jobs. And we’re better off than people in many other countries. If you hold onto your job through this tough patch, you may still have to cope with having your hours cut back and therefore getting less pay. What steps should you take if you’re worried about the security of your job or cut-backs? What can you do to make sure you can still cope financially through these difficult times? |  |
| STEP 1: Check where you stand | Some employers will make temporary changes during the downturn, such as reducing your hours or cutting back to a four-day week, as a way to avoid redundancies and retrenchments. If there’s talk of this happening at your workplace, it’s important to keep on top of things so you can take action if you need to. |
| STEP 2: Prepare for uncertainty | If you’re worried about your job, you’ll have to cope with uncertainty in all directions. If circumstances change, most people won’t know how long the reduced hours or the unemployment will last. The best protection is to start taking action now, and not wait until you’re forced into a corner. |
| STEP 3: Plan for the future | When the economy picks up again, you may get your old hours back (if you’ve been asked to cut back). But other changes may be permanent. That means you may have to look for different ways to increase your income and new ways to organise your finances. |
