When Your Income Drops
In today’s economy, many circumstances can lead to a sudden loss of income: loss of job, layoffs or cutbacks, reduced income, loss of support from a spouse, illness, death of a spouse, or divorce. Any of these can be a serious blow to families who are struggling to survive economically in difficult times.
Very often the reduction in a family’s income is not expected, and the natural reaction is panic. If your family suffers loss of income, try to remain calm and don’t waste time and energy blaming yourself. Instead, take control of the situation by doing the best you can with the resources available to your family.
Use these tools for financial management for when income is reduced.
- When Your Income Drops
- Disaster Relief: Managing on a Suddenly Reduced Income
- Housing - Your Top Priority When Your Income Drops
- Insurance Matters When Your Income Drops
- Move Forward When Your Income Drops
- Plan Your Spending When Your Income Drops
- What About Your Assets? When Your Income Drops
STARKVILLE, Miss. -- Movies depict many scenarios where a person has to leave home quickly, and those scenes show how important it is to grab the right items.
Susan Cosgrove, family resource management Extension associate with the Mississippi State University Extension Service, said cash and financial records should be high on the list of items to take in an emergency.
STARKVILLE, Miss. -- When there never seems to be enough money to cover the bills, trying to set up and follow a budget can seem like a pointless and stressful activity.
Bekah Sparks, Mississippi State University Extension Service instructor in the Center for Technology Outreach, said a variety of apps and electronic tools can help make it easier to save money and spend wisely.
By Jamie Vickers
MISSISSIPPI STATE --Teen-agers who venture into the world of part-time jobs realize that managing money is not always easy, and they may need help from parents.
"Parents should help their teen determine obligations and a spending plan," said Dr. Beverly Howell, family economics and management specialist with Mississippi State University's Extension Service. "Parents should also help them stick to it."
Budgeting is a good place to start when teens are learning to manage their money. Three essential steps in designing a budget are: