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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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  
Insurance tips
Create a protection plan so you're prepared for the unexpected
insure the things you can’t afford to replace  
> More about Content’s Insurance  
don’t forget about one of your most important assets: yourself  
> More about Life Insurance, Income Protection Insurance and Bill Protection Insurance  
create a will—it makes things a lot easier for your family after your gone  
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.
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