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
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: