One day you're planning your next holiday or thinking about weekend plans. The next, you're wondering how you'll cover the mortgage, rent or grocery bill.
Whether you've been made redundant, your contract has ended, or illness or injury has forced you to stop working, becoming unemployed can be stressful.
During Homelessness Week, it's an important reminder that financial hardship and housing insecurity can affect people from all walks of life. For some, it can begin with an unexpected life event such as losing a job.
That's why taking action early is so important.
Over the years, I've spoken with many Australians facing unexpected changes in their working lives.
One of the biggest mistakes people make is assuming they have to figure everything out on their own. They don't.
Understanding what support is available and getting advice sooner rather than later can help you stay on top of your finances and avoid bigger challenges down the track.
Here are 4 things you can do if you’ve recently lost your job.
1. Take stock of your finances
It's natural to focus on finding your next job straight away, but one of the first things you might want to do is understand your financial position.
Work out:
- how much money you have available
- what regular bills are due
- whether you'll receive any leave entitlements or redundancy payments
- how long your savings might last.
Having a clear picture of your finances can help reduce uncertainty and make it easier to plan your next steps.
2. Check what government support is available
Many Australians are surprised to learn they may be eligible for financial assistance while looking for work.
One of the main payments available is JobSeeker Payment.
Generally, to qualify you must:
- be between 22 and Age Pension age
- meet residency requirements
- satisfy income and assets tests
- be willing and able to work, unless you're temporarily unable due to illness or injury.
If we grant your claim, the amount you get is going to depend on your personal situation. This includes whether you have a partner, children, and other sources of income.
For example, as of 20 March 2026, a single person with no children could receive up to $$808.70 per fortnight.
It's also important to remember that redundancy and leave payments may affect your eligibility, the amount you can receive, or whether a waiting period applies.
Depending on your circumstances, other support may also be available, including Youth Allowance, Parenting Payment and Family Tax Benefit.
There’s also Rent Assistance, which is a regular extra payment we’ll automatically pay you if you pay rent or other accommodation costs and you get an eligible payment from us.
If you’re unsure what you may be eligible for, you can use our Payment and Service Finder tool.
And if you qualify for a payment and are experiencing hardship or need some flexibility to manage your financial commitments, speak to us about the options and services available to you.
3. Watch out for job scams
Unfortunately, scammers often target people who are looking for work.
If an opportunity sounds too good to be true, it probably is.
Be careful of:
- jobs that require upfront payments
- requests for personal information that seem unnecessary
- offers promising large amounts of money for little effort
- employers contacting you only through social media or messaging apps.
And remember, you should never share your myGov sign in details with anyone.
A legitimate employer will never need access to your myGov account.
4. Speak to a Financial Information Service Officer
Many people assume they'll immediately qualify for JobSeeker Payment after losing their job. In reality, everyone's circumstances are different.
Speaking with a Financial Information Service (FIS) Officer may help you better understand your options.
FIS Officers provide free and impartial information. They can explain how redundancy payments may affect your situation, discuss income support options and help you better understand your financial position.
If you've recently lost your job, don't wait until you're in crisis before seeking support.
You can use Services Australia's Payment and Service Finder to explore the support available, or call 132 300 and say ‘Financial Information Service’ when asked why you're calling.
Originally published by Yahoo Finance on 4 August 2026.