| Do |
Don't |
| Ensure you receive a schedule of payments from your employer, and that you have a clear understanding of what you will receive in your redundancy package. |
Accept a redundancy package before looking at the conditions of your Industrial or Employment Agreement. Visit workplace.gov.au for more information. |
| Check your level of insurance cover and conditions with your industry super fund. |
Just assume that your schedule of payments has been calculated correctly. Check with your trade union, professional association or a qualified Financial Planner. |
| Try to remain positive and take control of the situation without letting it take control of you. |
Make any sudden investment decisions with your lump sum or accumulated super. |
| Consider your options carefully. Keep an open mind and ensure you use your redundancy package in the most effective way possible. |
Refuse assistance from people or organisations that can help or offer support. |
| Contact your industry super fund to talk about your options. Ask to speak to an IFFP financial planner. |
Spend your redundancy payment without giving full consideration to how your package can best be used in your circumstances. |
| Seek emotional support if you feel overwhelmed by the situation. |
Allow the situation to overwhelm and take control of you. |
| Record and prioritise all your essential and non-essential living expenses to help plan a budget and track your financial commitments. |
Put off speaking to your financial provider if you have any outstanding loans or debts. They may be able to provide you with a new repayment plan to take into account your circumstances. |
<< Dealing with redundancy
 What should I do if made redundant?
How much will I get from my redundancy package?
What other support services are available?
|
