Many of us suffer from a temporary income drop at one point or another.
What we don’t consider is how long it may take to bounce back from such a situation. Consider these two cases:
cut the things that can be cut like magazine subscriptions, cable tv, meals out, extracurricular activities, etc. You can always reinstate these when your income improves.
Avoid Credit. As much as possible, try to avoid using credit. Debt will just make recovering from your low income that much harder. Try to find other, more creative ways to do things that don’t cost as much money.
When your income rebounds, keep living like you did when you were on a low income. That will help you improve your situation that much faster.
Have you faced a temporary income drop before? How did you handle it? What smart steps did you take? Did you find it took much longer to recover from the income drop than you had expected?