Tag Archives: stress

Beating the stress of Redundancy

Don’t let losing your job throw you into deep difficulty. Sort out your finances early.

Being made redundant doesn’t have to throw you and your family into financial trouble, although it’s likely to knock you about to start with.  Stay on top of your finances by planning and setting a budget with the help of your financial adviser.

Know your financial status

So, why an Adviser?

Firstly, you need to know where you stand financially.  Your adviser can help you do this by looking at your savings, the size of your redundancy payments and your total expenses over the coming months.

Your adviser can also take you through the types of redundancy payments you may be eligible for and help you understand the tax implications they may have.  Some  may be best directed into superannuation to help save on tax and for retirement.

Once you have a final figure of your available funds, you and your adviser can see how it stacks up against your total expenses for the next two to three months.  This will give you clear insight into whether you’ll be in the money… or out.

Work with your adviser to set a budget

With a clear idea of your financial standing, your adviser can help you set an appropriate budget or offer suggestions on how to make ends meet.  Alternately, there’s plenty of online templates available if you want to DIY, one of my favourite sites is the ASIC MoneySmart Budget Planner.

This may help you avoid any shortfall, assuming you don’t earn any income in the next two to three months.  It may also trigger you to think of areas you can cut back on while things are tough.

Think of other ways

If cutting back on non-essential expenses is not enough to make up the shortfall, your adviser may suggest other ways you can manage your finances, including getting a part-time job.  Others decide to turn hobbies into careers, or investigate driving with Uber, doing deliveries or hiring out a room or two on Air BnB whilst looking for full-time work.

Perhaps a chat with the bank or your loan providers will be in order.

Check if you’re eligible for government assistance. Talk to your adviser about the income support payments available to you.

Get back on your feet

Look at your job loss as a temporary setback and aim to get back on your feet as soon as you can.  Maybe there’s a silver lining and things will be much better for you moving forwards.  Reach out to your financial adviser for support.  Opportunities to rejoin the workforce might be waiting just around the corner.

Try using online platforms like Seek or Indeed to job hunt.  And make sure your LinkedIn profile is up to date.  Many agencies now look at that rather than ask for a resume.

And good luck!

The Working Woman Juggle

As most women already know, there’s lots to juggle all at once. There’s our partner’s needs, the kids, maintaining the home and household, extended family, friends and fitting in the ‘me’ time.  And whilst some of this can be outsourced, in practice, it’s not always possible.

Which in turn, raises two major issues in life that need facing: Heath and Wealth.  If you’re healthy, efforts can be made to invest wisely.  If you’re unwell, here’s hoping you have adequate strategies in place.

Stress tends to pressure the adrenals into working overtime, producing cortisol and adrenalin.  That’s great if you’re trying to fight a huge spider, but on an ongoing basis, doesn’t do wonders for the internal organs.  Side effects can include high blood pressure which in turn raises other health risks.    The scary stats are that women have a 55% prevalence of cardiovascular disease (men 45%) and 5% burden of stroke (men 4%) and two thirds of all heart failure sufferers are female.  (Australia’s Health 2008)

And most women deal with stress by smoking and/or drinking.  Both of which also cause an increase in likelihood of cancer and organ damage.  Drug use is on the rise and it’s also difficult to maintain a great diet when eating on the run or at erratic hours,  and reaching for the comfort food or fast food.

Many women over 55 now have higher cholesterol than men and a greater incidence of diabetes mellitus.  Women also choose to put off child bearing to a later age, and unfortunately this in turn can lead to increased complications!

Who’d be a working woman??

Or the better question is… how can we reduce some of the stress??  Well, the top tips will come as no surprise, and take a little planning.

1. Ensure the diet is improved – even just increasing the fruit and veg and water intake can help.

2. Quit smoking.  You know why!

3. Decrease the amount of alcohol taken.  I’m up for a glass of bubbles as much as the next girl, but do ensure there’s a  couple of alcohol free days each week.

4. Time Management.  Take a look-see at each day and see if there isn’t just a better way of getting things done.  Can you delegate some tasks? Rearrange others? Have someone help out with the kids each week. Meal clubs and car pools can work wonders to free up time.

And for your own sake, please consider:  Life Insurance, Total & Permanent Disablement Cover, Trauma Protection and Disability Income Cover.

With such hugely active lifestyles now and associated risk factors, it’s vital that working girls have the products to provide an income stream or ability to pay down debts in the event of the unexpected.

Look after yourself!  You’re worth it!

WomanHappy