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Adjusting to income loss

Income loss happens to most of us at some point in our life. It can happen for many reasons such as being laid off, a reduction in work hours, or a health crisis. No matter the reason, the results are the same: you are earning less money. How you respond to income changes can make a difference for you and your family's long-term financial security.

Use these resources to adjust your budget to fit your current income.

Deciding which bills to pay first — Tips and resources for deciding which bills to pay first.

Strategies for spending less — When your family faces reduced income, take immediate action to stop all excess spending.

Setting spending priorities when income falls — Get tips to help you make ends meet when your income goes down.

Talking with creditors — Advice for dealing with creditors when you are unable to pay your bills.

Consider your total financial picture — Look at your total financial picture and determine which assets you might use to meet family obligations.

Bartering — Swapping resources with others is a time-tested way to stay in control when money is tight.

Reviewed in 2024

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