Getting retrenched can completely derail you, sending you into a spiral of despondency and low self-esteem, but there are ways to remain on track

“Once the initial shock is over, it is very important to reassess your situation and take proactive steps to het things back on track. This is something one should not do alone as emotions can cloud your judgement. The valuable input from an objective third party can assist you in giving you valuable guidance and helping you regain control of your situation,” says Marguerite Marais, technical legal adviser at PSG Wealth

She advises:

Get to grips with where your money goes each month, so you can find ways to cut back on unnecessary spending

Be careful with your retrenchment package – save as much as you can and resist the temptation to splurge

If you have an emergency fund, and save money each month, try to keep that up, though be realistic – don’t add to your savings at the expense of your bond

Reassess where you are – you may have wanted to change careers for years, and this is the perfect time to do that

Don’t use your package to start a new business unless you have done thorough research

This article was written by Margaret Harris and was extracted from the local newspaper

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