Financing Your Job Search

Jobs have been placed firmly in the spotlight recently, with the three main political parties debating in depth about how best to boost employment and recent figures showing a disappointing increase in economic growth.

If there’s one thing that has become clear in past weeks it’s that tens of thousands of people are still struggling to find employment across the UK. Job searching can take its toll, both emotionally and financially, so if you’re one of the many British unemployed then it’s important to know what support is available to you.

Have you recently been made redundant? If the answer is yes, then you could be entitled to statutory redundancy pay. Full-time employees who have worked for the same employer for two years or more have the right to claim up to £30,000 in tax-free payment. The payout will vary in each individual case, depending on factors such as salary, number of years in employment and company policy. Make sure you consult your contract if redundancy threatens, and bear in mind that you will be entitled to paid time off to search for a job after your employer has given you notice.

Of course, not everyone is able to benefit from a redundancy package. For job searchers in financial hardship, the state offers a series of benefits which include Employment and Support Allowance, Jobseeker’s Allowance and Child Tax Credit. In addition to a regular weekly payment, potential support available to you could include housing benefit and council tax discounts; so it’s crucial to visit your local Job centre if you’re in financial hardship.

Don’t forget, the best way to protect yourself against a period of unemployment is to plan in advance. If you feel that your job may be vulnerable then look at the payment protection plans offered by many insurance companies. For a small monthly payout, you can ensure that your house and other large financial ventures are safeguarded should the worst happen. It could also be worth taking out a savings account with a safe and reputable provider, such as Alliance and Leicester.

Finally, always seek help before your financial problems become overwhelming. Debt management companies may be able to help you break your debt down into manageable monthly payments, while there are plenty of charitable services dedicated to giving advice on budgeting and financial problems. With so much help and support available, there really is no need to go it alone.