Dec
17
2010
Contractors 'should plan for redundancy'
Posted by Daniel Frost
Company umbrella contractors should make sure to take steps to plan for redundancy, even if they do not think their job is at risk.
This is the advice of David Rodger, managing director of Debt Advice Foundation, who believes that those in a comfortable working situation could still be hampered by pay cuts, rising living costs or alterations to their family circumstances.
He recommended that those with umbrella companies should forecast changes in their financial situation, and then prepare for them.
This can be done by not committing to large amounts of credit, setting up a personal budget and avoiding wearing finance limits to a paper thin thread.
Mr Rodger also commented: "If a person does find themselves out of work, the first thing they should do is cut back on their non-essential spending and check what benefits they are entitled to."
His advice comes after a recent Savings Brake report revealed that out of every pound saved in the third quarter of 2010, Brits had to pay 10p of debt.
Company umbrella contractors should make sure to take steps to plan for redundancy, even if they do not think their job is at risk.
This is the advice of David Rodger, managing director of Debt Advice Foundation, who believes that those in a comfortable working situation could still be hampered by pay cuts, rising living costs or alterations to their family circumstances.
He recommended that those with umbrella companies should forecast changes in their financial situation, and then prepare for them.
This can be done by not committing to large amounts of credit, setting up a personal budget and avoiding wearing finance limits to a paper thin thread.
Mr Rodger also commented: "If a person does find themselves out of work, the first thing they should do is cut back on their non-essential spending and check what benefits they are entitled to."
His advice comes after a recent Savings Brake report revealed that out of every pound saved in the third quarter of 2010, Brits had to pay 10p of debt.