Currently working notice period, building a financial to-do list, what should I consider?

garden_birds

Hi,

My redundancy has been recently confirmed. I have a 3 month notice period which ends in December.

I am currently compiling a financial to-do list.

I am unsure which service providers, lenders, benefits etc. I need to make aware of my situation and whether I need to discuss this with them now or at the end of my notice period and whether that depends on if I become unemployed at that time.

If I am successful in starting a new role at the end of my notice period, I also want to understand which service providers/lenders/benefits I must inform of the new role and which do not need to be informed.

Any help or guidance would be gratefully received!

My current list of service providers/lenders/benefits are below:

• Child benefit
• Mortgage
• Tax free childcare
• Life insurance
• Critical illness insurance
• Income protection
• Home insurance (building, contents)
• Car insurance
• Credit card
• Water
• Gas
• Electricity
• Current account
• Various additional bank accounts
• Various savings accounts
• Cash ISA
• Stocks and shares ISA
• Internet
• Streaming services

Thanks!

Brie

My current list of service providers/lenders/benefits are below:

• Child benefit  
• Mortgage
• Tax free childcare
• Life insurance
• Critical illness insurance
• Income protection
• Home insurance (building, contents)
• Car insurance
• Credit card
• Water
• Gas
• Electricity
• Current account
• Various additional bank accounts
• Various savings accounts
• Cash ISA
• Stocks and shares ISA
• Internet
• Streaming services

The only one that needs to know is child benefit and I'm not even sure of that except if some how your new job (or not) means there's a change to the amount.

No one else will care except your home or car insurance if you change your job to something so different it might change your premium.  Like different profession, working from home, longer commute, business use of car etc.  

Banks, shares/ISA won't care.  Utilities and similar won't care unless you start having problems paying and presumably that will be months down the line if at all.  It might help if you start cutting back on anything unnecessary like streaming services if possible sooner rather than later just to give yourself more wiggle room.  

Others may have a different view.

lincroft1710

Tend to agree with @Brie

garden_birds

Thanks @Brie and @lincroft1710.

I have started to cut back on outgoings to improve my position.

I think I need to inform my income protection provider as I will only have a regular income until the end of my notice period.

I will check the agreement, but I believe they ask to be informed of any changes to your working situation.

Thanks again.

Brie

Oh yes - do inform your income protection provider if you need to claim of course.