How You Can Deal With A Sudden Drop To One Income

When you live with someone else, perhaps just the two of you, or maybe in a family, you get used to two incomes. You need them, for all of your outgoings, to look after the kids, and provide the life you are used to. However there are some instances in life where one income is suddenly cut. For whatever reason. Maybe they have been laid off, or perhaps they aren’t well. You have to cope with the drop in money. It is jarring at first, shocking even, yet there are ways you can cope and get through it. These tips can help you do so. You may have done or considered some of them, but think about the other and how they can help you through the difficult time.

In the first instance you need to calculate what is owed to you. Was your partner made redundant? Then there will be redundancy pay involved. Ensure they get it. Were they injured in an accident? Compensation. If they are disabled now they may get some money from the state, if you need help getting what is owned then check out mydisabilityattorney.com. You need to latch onto all kinds of owed income as fast as possible.

With one of you out of work now comes the time for harder decisions. Do you have two cars? Then consider selling one of them. You won’t need it anymore after all so get rid of it. You can use the money to help you survive until they have found another job of some sort. You’ll need to cut back on other things too. Look at your subscriptions, cut back on a few of them. There will undoubtedly be things you don’t use that often. Cut back on the extravagancy, eat in instead of out etc. Your income has potentially been cut in half, or even more if your partner earned more than you. This cost cutting comes harder to some than others but it needs to be done if you want to stay in the red and not get yourself into debt through loans and credit cards etc.

Your partner may be down and dejected to. For whatever reason, they are out of work. In this case you need to be sympathetic and also encourage them into finding new work. It can be done if you try with them. There are dozens of opportunities out there. Perhaps they could use the downtime to go back to university and study, pursuing the career of their dreams. There are many routes to take. If you are desperate for cash your partner can look to other ways of making money. There are dozens of ways to do this online. Although there are many scams out there there are also legitimate ways to make money. If they have a skill then they can use it for an income. If they can write then perhaps they can become a freelance writer, for example. You’ll be fine so long as you balance the books and be careful.


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