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Redundancy - A New Opportunity!

By: Maggie Lonsdale BA (hons) - Updated: 27 Sep 2012 | comments*Discuss
Redundancy Opportunity Money Pay Out

Although the initial shock of being made redundant can take a while to subside, many people say that redundancy is one of the best things that ever happened to them.

You are usually given some sort of redundancy pay out which, especially if you had worked for your employer for a number of years, can amount to many thousands of pounds. While you will need to do some careful financial planning with regards to how long your money will last, how quickly you will need to find new work and what costs you can reduce to make it easier, there is no doubt that, with the right attitude, being made redundant can be a great new opportunity.

New Career

You will now have time to reassess what you did and did not like about the job that you have been made redundant from. After your first few days of feeling awful, get yourself a pen and paper and write a list of the pros and cons of your previous job. Be brutally honest about the type of people you worked with, the responsibilities, the role, the perks and the career prospects.

Once you have your list and you are feeling more positive about starting to look for new work, get some professional careers advice. Show your careers advisor your list and talk through how you feel – they will be able to come up with some new ideas that suit your requirements.

Starting Your Own Business

Now is a great time to think about following your dreams – this is especially possible if you have received a good redundancy pay out. Perhaps put some aside so you know your household costs are covered for a period of time. Starting up your own business does not need to be expensive – don’t let your redundancy money burn a hole in your pocket and spend too much on unnecessary items.

If you have often thought about starting your own business, get some advice from your local Business Link or the Princes Trust if you are under thirty. There is plenty of good advice available. You will feel so proud of yourself for following your dream.

Changing Your Lifestyle

Being made redundant can be the push you need to make changes to your lifestyle. Perhaps you needed to take expensive long haul package holidays because you needed to get away from work? Perhaps you bought loads of salt and fat laden ready meals because you didn’t have time to cook fresh meals from scratch? Many people find that their job can make them act in ways that they would not choose – now is your chance to reclaim your lifestyle.

No Longer Tied To Your Job

There can be an immense sense of freedom that comes with being made redundant. This is especially the case if you did not really enjoy your job but just didn’t leave because of the security, pension or the hassle of finding a new job. All those things you used to complain about will be gone, so don’t just replace it by complaining about being made redundant! Do something about it, work out what floats your boat and pays your bills – then do it!

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