You may have received a lump sum redundancy payment. While you're deciding the best way to use the money, here are some things you might want to consider.
Supplement your income until you get a new job
Use our Budget Planner to work out how much you will need each week or month, and how long you can make the money last.
Clear debts, if this will bring spending down to a more manageable level
Aim to clear any priority debts as quickly as possible. Check if there are any early repayment penalties on debts you are thinking of repaying in full. Be aware that repaying debts might affect any claim for means-tested state benefits if you did not have to repay the debts and did so at least in part to increase your benefits by reducing your savings.
Set up emergency savings
Having some emergency savings is a great way to prepare for unexpected expenses. Consider putting your lump sum in an easy-access account or a current account that pays interest.
Boost your pension savings
You get tax relief on the amount you pay into a pension scheme up to set limits.