Changes to your income

Managing your money when your income changes. Advice and tips for situations such as redundancy or dealing with divorce.

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		>	online budgeting tutorial

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Tips for dealing with changes in your income

Redundancy

put any redundancy money into a high interest, on call savings account

you may need money in a hurry, at least until you start work again

set up a budget to meet essential bills

cut back on non-essentials

Divorce or de facto relationship breakup

cut financial ties as quickly and cleanly as possible

set up your own bank accounts and credit card

have a record of your ex partner’s financial situation and joint assets/debts

review your insurance and will

keep things as amicable as possible to avoid costly lawyer’s fees

record your spending so you can prove your standard of living

Death of a partner

get additional copies of the death certificate—photocopies may not be accepted

arrange insurance payouts and ensure pensions continue to be paid

have a record of your partner’s financial position, including assets and debts

This information is general in nature and is not intended to constitute advice. Westpac recommends obtaining independent advice in respect of your particular circumstances. References to non-Westpac websites and material are provided for your convenience and Westpac accepts no responsibility for the availability or content of such websites or material.
The information on this page is presented subject to our legal page and any other terms and conditions that Westpac may impose from time to time. It is subject to change without notification.