How to manage your finances when you're unemployed

Getting the support you need

Getting on top of financial considerations and your rights is important, but it may also help to take some time to get the emotional and practical support you need.

Seeking short-term financial support

There are a range of support options that may be available to you.

• Government payments – If you’re unemployed, along with Newstart Allowance, opens in new window, the government offers a range of payments for job seekers, opens in new window. You can find out what payments you may be eligible for, opens in new window based on your individual circumstances.
• Contacting NAB – We’re here to help when things don’t go to plan. If you’re struggling financially, we may be able to help ease the burden until you get a new job. We can look at your individual circumstances and work on a plan. NAB Assist helps thousands of people going through financial hardship each year. If you’re having difficulty keeping up with repayments, call 1800 701 599.
• Financial counselling - If you’re feeling overwhelmed by your situation and are concerned about how you’ll pay your bills, financial counselling can help, opens in new window. Learn more from the National Debt Helpline, opens in new window.

Knowing your rights around unfair dismissal

If you feel that you were wrongfully dismissed, contact the Fair Work Commission, opens in new window or seek legal advice to learn about your rights. They may also be able to let you know if you have grounds to apply for unfair dismissal.

Creating appropriate budgets

You may have savings tucked away that can help get you through until you find a new job. Or you could be counting on a redraw or government benefits.

Whatever situation you’re in, putting together a budget (and sticking to it until you’re employed again) will help.

• Check out our NAB Budget Planner for budget planning and advice.
• You can also get assistance from a financial counsellor, opens in new window.
• Consolidating and managing your debts might help too. If you have multiple credit card and loan debts, take a look at our debt consolidation loan calculator. It will show you how your repayments could change if you consolidate them into one personal loan.

Staying on top of your bills

It can be harder to pay your bills without an income, but there's a lot you can do to get by:

• Talk to your utility providers about bill payments - they may be able to offer you financial hardship assistance.
• Learn 5 tips for reducing your energy bills, opens in new window.

Planning for the future

This could be a good time to take stock and think about your career. Is it time to change direction?

• Get government assistance and take advantage of any courses and advice on offer, opens in new window.
• As soon as you’re ready, register with relevant employment agencies.
• Use your time to upskill or start a new qualification.

We're ready to help

Not sure what to do next?

• Find out how to get the legal, financial, employment and emotional support you need when you’re unemployed.
• Find out what to do if you’ve been made redundant.
• If you need urgent support with things like accommodation, food or healthcare, help is available. Ask Izzy, opens in new window is an anonymous national support network that connects people to services they need. It's generally free.