![Maximise your REDUNDANCY](https://cdn.magzter.com/1389340925/1682509823/articles/fTfgTYWjD1682579139395/MAXIMISE-YOUR-REDUNDANCY.jpg)
Being made redundant can come as a shock - but it's not you, it's the economy. While the UK redundancy rate is still low (3.3 per 1,000 employees, from November 2022 to January 2023), experts predict a mild recession, and the Bank of England expects unemployment to increase from 3.8% to 5.3% by the end of 2025. But if you are made redundant, here are five savvy ways to use your severance package.
1 Keep on top of bills
Paying household expenses is a priority, so cover your food, energy and fuel costs first.
2 Increase cash savings
Laura Suter, head of personal finance at investment platform AJ Bell, says, 'Put the money in an easy-access cash account, with the highest interest rate possible.' Work out the level of savings you're comfortable with - ideally at least three months' salary.
3 Pay off debt
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Denne historien er fra June 2023-utgaven av Woman & Home UK.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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