What should I do with my redundancy money?

Many members at Profit Accumulator began matched betting after being made redundant.

Some even took voluntary redundancy, knowing they had matched betting to fall back on.

For those who have lost their job - whether it be voluntarily or otherwise - matched betting makes a lot of sense.

It can be an effective way of keeping some money coming in while new opportunities are explored.

Investing redundancy money

For those who have been awarded financial compensation, matched betting can be seen as a way to invest redundancy money.

It's risk-free, tax-free and having a sizeable bankroll is an advantage when it comes to making bigger profits through matched betting.

The exact return on investment cannot be estimated because there are so many variables.

Meet the Members: Angela's matched betting experience

Offers available in a given period and the amount of time dedicated to matched betting will all affect the potential return.

It is safe to say, though, that the profit made through matched betting will far exceed the interest on any ISA or savings account.


Getting back to work

Matched betting is a perfect for making money from home, in your own time on your terms.

But it's far from a get-rich-quick scheme. It takes time, consideration and organisation. You could argue, it's a little bit like work.

Some of the most successful members at PA treat matched betting as a job, setting aside a few hours each day to make sure they're on the ball to spot opportunities and maximise earnings.

The Profit Accumulator matched betting forum is great for this - allowing members to support each other with advice, tips an flagging up the latest offers.

Richard, a member of PA since 2015, used matched betting after being made redundant from his job as a holiday homes manufacturer.

He said: "I was already a member but, while I was working, I couldn't really dedicate enough time to it.

"After being laid off, I had more time and I used some of my compensation cash to help me increase my profits.

"I do some work on the side but most of my income now comes from matched betting."

What do you need for matched betting?

Starting out is really straightforward. You really just need a computer.

Profit Accumulator guides members carefully through the process to ensure any bet you place is risk-free.

Related: How much can be made from matched betting?

There are two introductory offers for new members to try for free, so you can see how it works and whether it's right for you.

Up to £45 profit can be made from the introductory offers.


Other opportunities

There are, of course, other ways you can put your redundancy money to good use.

If you have been awarded enough compensation, it might be wise to put some in a high-interest savings account, while keeping some for day-to-day living.

Make an appointment to see an independent financial adviser to find the best solution for your circumstances.


For many, redundancy is an opportunity to take a new career path.

It might be the first time in your working life that you've had chance to take a step back and assess what you really want to do.

Think about what you're passionate about or what you are naturally good at - it might be far removed from your previous job.

Consider going to college, a university course or an apprenticeship.


Starting your own business after redundancy

If a new direction is not for you, redundancy could be the perfect time to go it alone by launching your own business.

If you have expertise in a particular field, this is a great foundation for starting out.

You can choose to be a sole trader or set up a company. Again, advice from a financial adviser will help.

It is also a good idea to establish a business plan. This might seem a daunting prospect, but there's plenty of advice out there and many banks offer the service for customers looking to set up business accounts.

Get your finances in order

A lump-sum payment might allow you finally sort out any money issues.

Clearing debts might seem like the least fun thing to do with your money, but if you are paying interest, it makes sense.

Likewise, starting a pension or topping up an existing plan could give you security for the future and some peace of mind.

Redundancy advice

There are several places to get solid advice if you have been made redundant or are part of a redundancy consultation.

Some local solicitors will offer free initial consultations but there are a few places to look online, too:

Matched Betting Guides

Rebuilding your bankroll

Myths about matched betting

Gubbed accounts and how to avoid it

Organise your matched betting approach