Even with the extra money from a termination payment, the family budget is likely to come under pressure.

Now is the time to look very carefully at the money that comes into the household, and how much you spend. It may be necessary to cut back on non-essential spending in order to meet unavoidable expenses until a new job is found.

It will be helpful to prepare a household budget. This will answer questions such as:

• What is the household income from all sources?
• How much do you spend and on what?
• How long will a termination payment fund any gap?
• Where can you make savings until new work is found?

The Australian Government website Understanding Money, provides tips and tools on preparing a budget.