6 Tips on How to Survive a Sudden Loss of Income

As we all know, drastic times call for drastic measures. That’s why we came up with some ideas that will help you stay as financially healthy as possible if you experience an interruption or loss of income in these most unhealthy of times.

Here’s what you should do if you are suddenly and unexpectedly unable to work and have no income.

Photo by Dragon Images from Shutterstock

1. Evaluate your budget and prioritize your expenses

You will definitely want to write down your budget and monthly expenses, especially when your income is interrupted. Calculate all income sources and assets in your family, such as savings that may be able to help you and your family during this difficult time.

Also, you should take a closer look at your living expenses and remove the unnecessary things you can definitely live without. As a matter of fact, you should minimize your expenses in the “essentials” category as much as you can.

You can save more money by planning your meals ahead, or reducing your electric bills by cutting energy usage. If debt is your foe right now, you should find options to lower interest rates or reduce monthly payments.

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