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Living on a Reduced Income

Everyone experiences changes in life. Sometimes you plan for it and sometimes you have little control. Unexpected changes from a job loss, illness, divorce, or loss of a spouse are never easy to deal with personally let alone financially. A reduction in income is a tremendous challenge, but not insurmountable.

Things to know:

  • The first step in stabilizing your finances is developing a new plan and habits.
  • Set up a bill paying schedule that coincides with your pay days.
  • Create a dedicated space and time to work on your finances.
  • Negotiate with or change service providers.
  • Make small changes and stick with them to lower expenses.