Income loss is traumatic, whether it’s your entire family income or a second income and no matter how it happens—a bad year in your business or farm/ranch operation, company layoffs, downsizing, divorce, illness, or death. Take heart; there are immediate and positive steps to take. You can get back on top. Right now you need to cut back on spending and develop a spending plan to help you pay your bills. If your income will be affected for more than a month, adjust your spending habits to maintain control of family finances over an extended period of time. Financial affairs are still in the family’s control. It will take work, but you can survive the initial financial crisis and come out stronger when it’s over.
South Dakota State University
Income and expenses, spending plan, loans, consumer credit
Gorham, Liz, "When Your Income Drops" (2006). SDSU Extension Fact Sheets. 174.