Riding Out Restructuring

It’s important to embrace practicalities during the emotional turbulence of being ‘given a package’

- Rita Cool

Faced with the possibility of losing your job, it is easy for panic to set in as you consider your mounting monthly expenses and dwindling bank balance. Debts such as medical aid, car and house payments and school fees do not stop, but there are ways to manage your financial affairs to navigate through this time.

It’s important to realize that retrenchment is not always negative. Sometimes a voluntary retrenchment, accompanied by a package, can be a positive for someone, especially those who have been with a company for many years and are stuck in a job or salary rut. Try not to let your emotions cloud the decisions you need to make. This might be a great opportunity to work for someone else in the same industry for a higher salary or to start a new career following your passion.

Do not panic

Retrenchment is an emotional journey, so speak to people and get advice. It doesn’t have to be a scary journey. You need to take responsibility for your own situation, but you can get holistic help from a financial adviser. These professionals are not only around for the times when you have money to invest, but also to guide you through times when money is tight.