If you don’t have a significant redundancy payment but have some other savings tucked away in shares or other assets, it may well be worth cashing these in and placing them in an instant access savings account to pay for everyday expenses.
This can be hard to do, especially if the shares have an emotional attachment as a result of being part of a legacy, for example, but there is much to be said for recognising when the proverbial rainy day has actually arrived.
The alternative is likely to be to chalk up credit card debts or take out overdrafts and personal loans (if available), but these would probably cost more to repay than your savings would have earned if you had not cashed them in.Last Updated
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Coping with a spell of unemployment
