Redundancy and new job!

[Reallyannoyedwithpitaboss]

I was made redundant a month ago but am lucky enough to have found a new job quickly. I didn’t get loads of redundancy but it was enhanced. I have 3 months probation on the new job before I get any benefits. I am a bit nervous about it as it’s for a much smaller company and am doing something which will be challenging in a difficult market. I have debts etc which I’d like to pay off. Would you wait until you’d past probation before paying the debt or just do it now. It would leave me without any savings for a rainy day. Or pay some off and leave a little?

I would pay some off so you retain some rainy day money. That way you will feel you are making progress reducing your debt but not taking too much risk reducing your savings to zero before your probation is up.

If your debts are costing more in charges than the interest you are earning on the savings, you should pay off.

But I would say, wait until the probation is up before you do this. Bear in mind, If this job doesn't stick, you probably wouldn't be able to get credit if you needed it urgently.

Good luck.