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Finance · Personal finance

Taking Control: Managing Your Money After Redundancy

A practical, step-by-step course for UK adults navigating the financial impact of redundancy. Learn to assess your situation, prioritise spending, access support, and build a confident plan for the future.

360 min8 modulesBeginner friendly
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Free to take. This course does not use any Learning Credits.

What you’ll be able to do

By the end of this course, you will have created a personalised financial action plan, including a realistic budget, a clear understanding of your entitlements and options, and a strategy for managing debt and rebuilding your financial stability.

Course outline

A clear route from first principles to practical confidence

  1. 01

    Facing the Facts: Understanding Your New Financial Picture

    • Taking stock: listing all income sources and essential expenses
    • Understanding your redundancy package: pay, notice period, and pension options
    • Calculating your monthly shortfall or surplus
    • Gathering key documents: bank statements, bills, and employment paperwork
  2. 02

    Prioritising Your Spending: Needs vs Wants

    • The 50/30/20 rule adapted for redundancy
    • Identifying your 'must-pay' bills and flexible spending
    • Practical ways to reduce household and lifestyle costs
    • Creating a temporary 'redundancy budget' that works for you
  3. 03

    Navigating Benefits and Support: What You're Entitled To

    • Universal Credit: eligibility, how to claim, and what to expect
    • Council Tax Reduction, Housing Benefit, and other local support
    • Help with energy bills, water costs, and health costs
    • Free debt advice, food banks, and community resources
  4. 04

    Dealing with Debt: A Calm and Practical Approach

    • Listing all debts: amounts, interest rates, and minimum payments
    • Understanding priority debts (rent, mortgage, council tax) vs non-priority debts
    • Options for managing debt: payment holidays, breathing space, and IVAs
    • How to talk to creditors and get professional debt advice
  5. 05

    Protecting Your Home and Essential Bills

    • Mortgage and rent: speaking to your lender or landlord early
    • Negotiating with utility companies and insurers
    • Understanding your rights: eviction, repossession, and notice periods
    • Setting up a payment plan or hardship arrangement
  6. 06

    Planning for the Future: Building a New Financial Foundation

    • Setting realistic financial goals for the next 3, 6, and 12 months
    • Building an emergency fund from small, regular savings
    • Exploring part-time work, freelance, or retraining options
    • Reviewing your pension and insurance needs after redundancy
  7. 07

    Staying Resilient: Managing Stress and Making Confident Decisions

    • Recognising the emotional impact of redundancy on money decisions
    • Simple techniques to reduce financial anxiety
    • Building a support network: family, friends, and professional help
    • When and how to seek further financial guidance
  8. 08

    Your Personal Action Plan: Putting It All Together

    • Reviewing your budget, debts, and support options
    • Setting your top three financial priorities for the next month
    • Creating a step-by-step checklist for the coming weeks
    • Committing to regular check-ins and adjusting your plan