How to Survive on One Income After COVID

This COVID-19 has hit so many of us. Some have been lucky to remain unscathed and have retained our jobs, while others have not. Between loss of jobs and deaths, many have been leveled to one or no income. Although there has been some recovery, in many situations only one job can be had within a family. With this in mind, let’s take a look at surviving with only one income.

Triage where you are at

Being bounced around from have potentially two incomes to none and back to one can be tough. It is a roller-coaster of emotions and money. A great deal has changed with your bills and items which are probably past due. There are back payments and potentially debt collectors. One you can establish a strong income, it is time to get some things in line, or it is just going to get worse. Assess the damage. What are all of the outstanding bills and other expenses which are creating a financial burden. You should contact all of them immediately, if you haven’t already. Many of these debtors are making extra effort to help you during this COVID hardship. Once you have all of these called on, and you know how much and when you owe, move on.

Treating the damage

Begin to setup a payment plan with all those who you have called. Pay those who you can without jeopardizing your current basic needs. If there are some of the bills who you have not be able to pay, be sure to keep in touch with those whom you have not been able to pay. Keeping in contact and making sure you are all staying on the same page can be very beneficial later on as you continue to try to settle any outstanding debts.

Updating your budget

The last step in this is process is to ensure your budget is updated with the new normal. Cut back on those expenses you don’t need, and readjust for the new income. Next, take it one day at a time. This has been a struggle for so many of us, and the best thing to do next is to just take it step by step. You will get through this, we all will.