As the global financial crisis deepens and affected companies move to tighten their belts, the prospect of retrenchment has become a genuine concern for many people.

If you have recently been retrenched, there are a number of important decisions youll need to make. Decisions in relation to finding another job, meeting your living expenses and what to do with your redundancy payout.

When it comes to securing your next job, first try the usual avenues such as online job search companies, employment agencies and newspaper advertisements. Theres also the grapevine let your friends and acquaintances know youre looking for work.

Meanwhile, theres the question of how to pay the bills. If you havent already done so, now is definitely the time to start living to a budget. We can provide you with an easy to use budget planner to help establish your current levels of income and expenditure.

Once youve tracked your expenses as accurately as possible, the next step is to compare the total with your income from all sources. The difference will be your surplus or deficit for the year. If youre in the fortunate position of spending less than your income, you can out the surplus into longer-term savings. But if you spend more than you earn, its time to take remedial action.

By analysing each area of your budget, you can identify areas of unnecessary spending or areas where you can cut back. If youve discovered a real need to draw from your investments to provide income, we can help structure your portfolio to maximise your income as well as capital growth.

We can also help you understand how the various components of your redundancy payment are taxed and how you can invest these funds to help you transition to new employment or even retirement.

If you have any queries or concerns about redundancy, call us now. We can help you assess all your financial options and work out the best plan of action for you in your current circumstances.