Things to Do When You Experience a Sudden Loss of Income

Introduction:If you have just experienced a sudden loss of income, there are certain things that you will need to start doing. No matter what the cause is for this loss of income, you will need to replace it with something else.

The quicker that you can get that income back up, the better. Meanwhile, you can get started creating a budget, figuring out how to lower your bills, lower your payments and expenses, and other items as well.

  • 01

    Begin Looking For Another Job

    If you have just experienced a sudden loss of income, it is best that you act quickly. Begin looking for another job as soon as possible. It really is not easy finding a good job these days. Please do not try to be too picky.

    Unless you have a lot of money saved up, you will need to replace this loss of income quickly. Most likely, you have many bills that will need to be paid, and maybe even an entire family to take care of. Do not procrastinate.

    Check for job postings on craigslist, other job hiring sites that are all over the internet, in the newspaper, and even take a drive around where you live. Many companies do not advertise when they need new employees. They just put a sign out by the road. Many others do not even put signs out. They just hire the right person when they apply. That right person could end up being you, but only if you apply.

    Ask your family, friends, and neighbors if they know of any companies that are hiring. Many times, the easiest way to get hired is through word of mouth.

  • 02

    Apply For any Free Benefits

    Do not hesitate to apply for free benefits such as food stamps, medicaid, HEAP, and WIC. You may even qualify for cash assistance.

    You won't get anything, if you don't apply. It really is worth applying for, and this can help to hold you over until you find another way to make money.

  • 03

    Advise Your Debtors About This Loss

    Be sure to advise your debtors immediately about your loss of income. Most likely, they will be more than happy that you are honest with them.

    Oftentimes, your debtors will reduce your interest, lower your payments, or even let you go for a month or two. That is only if you ask, though.

    If you are renting an apartment, tell your landlord what has happened. They may be able to help you. Do not wait until they come to collect the rent money. Tell them right away. They could just end up being the one who helps you to get another job.

  • 04

    Find Ways That You Can Cut Down on Expenses

    Work out a new budget, and figure out how long you can last with the money that you have on hand. It may look bad, really bad. Horrible even, but do not let that get to you.

    Start cutting down on everything that you can. Maybe cancel the cable for a month or so, refrain from eating out or buying new clothes, etc. There should be plenty of bills and expenses in your budget that you can lower just for a limited amount of time.

  • 05

    Keep Your Chin Up

    Last of all, keep your chin up. Things will work out. As long as you are patient, and follow these steps, everything should be just fine.





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Comments

  • LWCox 2/21/2011 Flag This Comment

    Great advice! It's so important to stay positive and remember that very often, things will work out better for you! Been there, done that! H5!

  • gerrielynn 2/21/2011 Flag This Comment

    Great article. I especially like the idea of advising your debtors. When I lost my job, I never thought of that one. Great insights and obviously written from your heart. High 5

  • PriscillaBenfield 2/20/2011 Flag This Comment

    Good advice!

  • ListMaker 2/19/2011 Flag This Comment

    Excellent tips when faces with a sudden loss of income. I always try to remember that everything happens for a reason - the times I've been laid off have led to surprising bonuses in the future.

  • BonnieDossKnight 2/19/2011 Flag This Comment

    Keeping the chin up is most important and looking for a job the amount of time you would normally be working helps occupy your mind, so you won't get too depressed. HI5

  • goodselfme 2/19/2011 Flag This Comment

    Good tips for those with a sudden loss of income. Said with experience and gentleness to keep the chin up.

  • workhomeunion 2/19/2011 Flag This Comment

    You certainly have to keep your chin up, and keep a positive attitude.

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