Case study: how Aisha kept her finances on track after redundancy

Learn how Aisha recovered from the blow of redundancy.

Aisha was 46 and had a family to take care of when she was made redundant. Here’s how she  stared  down the challenge by making the most of her resources.

The shock of redundancy

After seven years in a role she loved, Aisha had no idea that a company-wide restructure would result in her losing her job. She received a sizeable redundancy package but, with young kids at home, a husband who could only work part-time, a mortgage, and no clear idea of when she would find another job, she knew their future depended on managing their finances wisely.

Reducing unnecessary expenses

As soon as Aisha received her payout, she parked it in her home loan offset account. Doing so meant she could reduce the interest they were paying while she worked out her next steps. 

Next, she reviewed her family’s expenses. She drew up a budget that reduced their discretionary costs (such as the weekly takeaway) and postponed their planned holiday.

Getting the right advice

Aisha recognised that the right advice would be critical, so she made an appointment to speak to a licensed financial adviser. Together, they reviewed her family’s financial situation and created a plan that would give her time to find a new job. The plan identified:

  • How to structure the family finances to meet eligibility requirements for Centrelink benefits.
  • The debts that Aisha should repay now, and how to manage other repayments.
  • Aisha’s insurance needs, and how to manage premium payments.
  • How to manage cashflow and expenses.

They also discussed how to most effectively use any payout that remained after Aisha found a job. Based on Aisha’s goals and risk profile, the adviser’s initial recommendations included paying down her mortgage, and investing in bonds such as 10Invest or Lifeplan Investment Bond

A young woman cuddling her dog in front of a tree

A clear plan to keep you moving forward

For Aisha, creating a plan was key to navigating her finances. “Losing my job was such a shock but having a clear plan with achievable goals helped me feel I was back in control.”

Tips for managing your finances through redundancy

If, like Aisha, you’ve just been made redundant, you may be wondering where to begin. The tips below can help you make the most of your resources until you’re employed again.

Important information

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