Last week I was made redundant from my job after three and a half years with the company. I didn’t see it coming at all and it’s taking a lot of time to get my head around.
As soon as I heard that a redundancy might be a possibility, I went to visit my parents to try and figure out what would be the best thing for me to do.
In the end, I decided that voluntary redundancy would probably be my best move. The alternative was to go through a lengthy redundancy process in the hope that the company’s finances would improve, but it was clear that if anyone was going to leave the company, it was going to be me. I wanted to get it over with.
Maybe a redundancy is voluntary if you’re in your fifties and entitled to a generous redundancy package and your pension is just around the corner. Maybe a redundancy is voluntary if you live with a partner with a good job who can support you while you find your feet again. Maybe a redundancy is voluntary if you’re one of dozens of people at risk rather than the only person in the company. I’m not sure how voluntary redundancy is when you’re paying a mortgage alone; you were planning to go on a solo trip to Amsterdam in a few weeks; your emergency fund isn’t as strong as you’d like it to be; you have lots of friends at work and can’t imagine feeling so comfortable in another agency; and your redundancy package is the statutory minimum. ‘Voluntary redundancy’ may be the right term for my decision but it sounds far too optimistic for what it felt like to leave.
Nevertheless, it was obviously the best option out of all the options on the table. I’m also extremely lucky compared to a lot of people who find themselves in this situation. I’ve not been living pay cheque to pay cheque, I’m good with money, and I have other projects to fall back on.
Although my savings aren’t so big that I’d ordinarily have chosen to quit my job without another one to go to, I do have a reasonably healthy emergency fund that will last me a few months if necessary.
I always say that money gives you freedom, power and choices, and my emergency fund certainly has my back right now.
If I manage my final two pay packets sensibly, I shouldn’t have to dip into my emergency fund for the time being.
The last week has been really stressful and scary, but I’m trying to be optimistic. I’m hoping that a few months from now I’ll look back on this experience with gratitude. I’m hoping it’ll turn out to be one of the best things to have ever happened to me.
One of the many reasons I decided to take leave immediately rather than go through the whole redundancy process is that I figured this would be a good opportunity to really knuckle down and focus on all the things I’ve been wanting to do for ages.
I want to write 101 blog posts about money. I want to make more money from my blog than I do currently. I want to write for Vice and Stylist and Grazia and have a short story featured in The New Yorker (lol). I want to create content for my own clients. I want to make an online course to help people improve their financial situation. I started writing a book last year and would like to finish it.
And again, I’m lucky I have an emergency fund to fall back on because if I didn’t, I’d be under much more pressure to immediately find a new job.
I think I’ll be okay.
