How to deal with sudden income loss

Listen to this Podcast


How to deal with sudden income loss

If COVID-19 and its aftermath have left you without work — or without enough work — it’s time to hit the reset button on all things money-related. Here’s a cheat sheet for dealing with the new normal when the outlook is less than rosy.

Act now!

When times get tough, many people stop opening bills and bank statements and carry on like everything’s fine. The key to dealing with sudden income loss is to act immediately so you can preserve every dollar.

Use the “B” word

No one, except for that kid who sat in the front row in math class, likes budgeting. Then again, no one likes going to the dentist either. But in both cases, avoiding it for too long can have some pretty painful consequences.

In a war room situation like sudden income loss, getting a grip on how much is really coming in and how much is really going out is mission critical. It’s also important to look at the timing of income and expenses to avoid relying on credit cards.

Fortunately, we live in the twenty-first century, when pencils have been replaced by apps. A few to try:

  • Mint can help you keep track of money spread across different accounts and stay on top of bill payments.
  • Pocketguard links your accounts and keeps you from overspending by telling you how much you have left in your budget.
  • Goodbudget uses the tried and true envelope system to help you manage monthly spending; couples can use it jointly.

Sub your salary

Have you applied for any government programs you qualify for?

Have you considered ways to generate money to replace some of your lost income? Could you rent out a room, pick up some gig work, offer online tutoring or become a virtual personal assistant?

Get a handle on debt

This is also the time to get real about how much debt is piling up from all sources and take steps to stay on top of it:

  • Be sure to make at least the minimum payments each month to protect your credit rating.
  • If you’re carrying a lot of high-interest debt, consider applying for a consolidation loan. The lower interest rate will help you either pay it down faster or leave you with a little more in your budget to cover other expenses.
  • If you’re really struggling, you might be able to arrange a debt (or mortgage) deferral from your bank.

Trimming isn’t just for hair

That weekly trip to the barber’s or the nail bar felt like a necessity when you had a real office to go to. But now it’s time to be brutal and slash everything except essentials. If you’ve gotten out of the habit of distinguishing needs from wants, here’s a refresher:

  • Needs are expenses that are necessary to keep a roof over your head, food on the table, maintain health and safety and contribute to finding the next (or better) job. And ok, an occasional treat to help you stay the course.
  • Wants include purchases related to vanity, entertainment, time wasters, upgrades, gifts, subscription services and any expense that you can safely put off until later.

Say something

The biggest mistake made by people with income and debt issues: not asking for help. There are many places to turn, including government programs, debt counselling, your financial institution, family. And, when you need help from someone who can offer solutions tailored to your situation, your Carte Financial Group Advisor is also here for you.

142 thoughts on “How to deal with sudden income loss

  1. cbd wholesale says:

    I am the owner of JustCBD Store brand (justcbdstore.com) and I’m presently seeking to develop my wholesale side of business. I am hoping someone at targetdomain share some guidance . I thought that the most suitable way to accomplish this would be to talk to vape stores and cbd retailers. I was really hoping if someone could recommend a reputable website where I can get CBD Shops Business Data I am already checking out creativebeartech.com, theeliquidboutique.co.uk and wowitloveithaveit.com. Unsure which one would be the very best selection and would appreciate any assistance on this. Or would it be easier for me to scrape my own leads? Suggestions?

  2. Extreme Green says:

    The next time I read a blog, Hopefully it won’t fail me as much as this particular one. After all, I know it was my choice to read through, however I actually believed you would have something helpful to talk about. All I hear is a bunch of moaning about something that you can fix if you weren’t too busy seeking attention.

  3. Turkey Tours says:

    Greetings, There’s no doubt that your blog might be having web browser compatibility problems. Whenever I look at your blog in Safari, it looks fine however when opening in Internet Explorer, it’s got some overlapping issues. I simply wanted to give you a quick heads up! Other than that, wonderful blog!

  4. Discover More says:

    I blog quite often and I seriously appreciate your content. This great article has truly peaked my interest. I will take a note of your site and keep checking for new details about once a week. I opted in for your Feed too.

  5. fast techno music says:

    You’re so interesting! I don’t think I’ve read through something like that before. So great to find someone with a few original thoughts on this topic. Seriously.. thanks for starting this up. This website is something that’s needed on the web, someone with some originality!

  6. GLR Fasteners says:

    Oh my goodness! Incredible article dude! Thanks, However I am encountering problems with your RSS. I don’t know why I can’t join it. Is there anybody having similar RSS issues? Anyone who knows the answer can you kindly respond? Thanks!!

  7. Fanny Laffey says:

    Next time I read a blog, Hopefully it won’t fail me as much as this one. I mean, Yes, it was my choice to read through, nonetheless I truly believed you would probably have something helpful to say. All I hear is a bunch of moaning about something that you can fix if you weren’t too busy seeking attention.

  8. Dr. Roy Nissim says:

    I have to thank you for the efforts you have put in penning this website. I am hoping to see the same high-grade blog posts by you later on as well. In fact, your creative writing abilities has encouraged me to get my own, personal site now 😉

  9. Get more info says:

    Oh my goodness! Incredible article dude! Thank you so much, However I am going through problems with your RSS. I don’t understand why I can’t subscribe to it. Is there anybody getting similar RSS issues? Anybody who knows the solution can you kindly respond? Thanks!!

  10. link says:

    Oh my goodness! Amazing article dude! Thank you, However I am going through problems with your RSS. I don’t understand the reason why I can’t subscribe to it. Is there anybody else getting the same RSS problems? Anyone who knows the solution will you kindly respond? Thanks!!

  11. PowerISO says:

    I’d like to thank you for the efforts you’ve put in writing this site. I am hoping to see the same high-grade blog posts by you later on as well. In truth, your creative writing abilities has motivated me to get my very own site now 😉

  12. Additional Reading says:

    Achieving your fitness goals does not need a certified personal trainer or an expensive gym memberships, it is not hard to exercise at home. It’s easy to go down a training and fitness rabbit hole, however, when you are looking for the best home exercise equipment to outfit your personal home gym.

  13. Mask Market says:

    A motivating discussion is definitely worth comment. I do think that you ought to publish more about this subject, it may not be a taboo subject but typically people do not discuss these topics. To the next! Many thanks!!

  14. Umut Alpaslan says:

    I really love your blog.. Very nice colors & theme. Did you develop this amazing site yourself? Please reply back as I’m wanting to create my very own blog and would love to know where you got this from or exactly what the theme is named. Many thanks!

  15. Jorge Spinka says:

    Oh my goodness! Awesome article dude! Many thanks, However I am encountering problems with your RSS. I don’t understand why I cannot join it. Is there anybody getting identical RSS issues? Anybody who knows the solution can you kindly respond? Thanks!!

  16. Fast Business Funds says:

    Having read this I believed it was rather enlightening. I appreciate you spending some time and energy to put this informative article together. I once again find myself personally spending a lot of time both reading and leaving comments. But so what, it was still worth it!

  17. Siesta Botanicals says:

    An interesting discussion is worth comment. I do believe that you should write more on this subject, it may not be a taboo subject but usually people don’t talk about such issues. To the next! Many thanks!!

  18. Alpha Steward says:

    Howdy! This article couldn’t be written much better! Looking at this post reminds me of my previous roommate! He always kept talking about this. I’ll send this article to him. Pretty sure he’ll have a good read. Thanks for sharing!

  19. lucycat hot says:

    Good day! I could have sworn I’ve been to your blog before but after looking at many of the articles I realized it’s new to me. Anyhow, I’m definitely happy I discovered it and I’ll be book-marking it and checking back frequently!

  20. Website says:

    We tested coffee makers for the water temperature during the brew cycle and the brewing time as well as the temperature of the coffee at the end of brewing and during the keep warm cycle. In addition, we evaluated each brewer’s ease of use, including how easy it was to read and use the controls, access the water tank and brew basket, read the markings on the tank and carafe, whether or not it had automatic keep warm and shut off cycles, and the ease of cleaning the carafe.

  21. Source says:

    You’re so awesome! I don’t suppose I have read something like that before. So nice to discover somebody with some original thoughts on this issue. Seriously.. many thanks for starting this up. This web site is one thing that is needed on the web, someone with a little originality!

  22. Tourshop Fresno says:

    An outstanding share! I have just forwarded this onto a co-worker who had been conducting a little research on this. And he in fact bought me dinner because I stumbled upon it for him… lol. So allow me to reword this…. Thank YOU for the meal!! But yeah, thanks for spending the time to talk about this subject here on your website.

  23. Bank Routing Number Finder says:

    I’m amazed, I have to admit. Seldom do I encounter a blog that’s both educative and entertaining, and let me tell you, you’ve hit the nail on the head. The issue is something that too few folks are speaking intelligently about. Now i’m very happy that I stumbled across this in my hunt for something regarding this.

  24. Carmine Loranger says:

    Someone essentially help to make seriously posts I would state. This is the very first time I frequented your web page and thus far? I surprised with the research you made to make this particular publish amazing. Great job!

  25. Ohne Gummi basel says:

    Can I just say what a comfort to find somebody that actually knows what they’re discussing over the internet. You certainly realize how to bring a problem to light and make it important. A lot more people have to look at this and understand this side of the story. I was surprised that you’re not more popular given that you certainly have the gift.

  26. Ato Prevention says:

    Hello! I could have sworn I’ve been to this website before but after going through some of the posts I realized it’s new to me. Anyways, I’m definitely happy I stumbled upon it and I’ll be bookmarking it and checking back regularly!

  27. Ski Gear Deals says:

    Nice post. I learn something new and challenging on websites I stumbleupon every day. It will always be exciting to read through content from other writers and use something from their websites.

  28. Shemeka Rokisky says:

    I was pretty pleased to uncover this site. I wanted to thank you for your time for this wonderful read!! I definitely really liked every part of it and i also have you saved to fav to see new things in your blog.

  29. My Lazy Deal says:

    This is the perfect blog for anyone who hopes to find out about this topic. You know so much its almost tough to argue with you (not that I personally will need to…HaHa). You certainly put a new spin on a topic that has been discussed for a long time. Great stuff, just great!

  30. ABW-013 says:

    Spot on with this write-up, I absolutely believe that this website needs much more attention. I’ll probably be back again to read more, thanks for the information!

  31. Penelope Riddley says:

    An impressive share! I have just forwarded this onto a colleague who had been doing a little homework on this. And he actually bought me lunch because I stumbled upon it for him… lol. So allow me to reword this…. Thank YOU for the meal!! But yeah, thanx for spending time to discuss this subject here on your web page.

  32. bootstrap 4 button says:

    An impressive share! I have just forwarded this onto a colleague who had been doing a little research on this. And he in fact ordered me lunch simply because I discovered it for him… lol. So let me reword this…. Thank YOU for the meal!! But yeah, thanks for spending the time to talk about this subject here on your site.

  33. liquid stevia at walmart says:

    I blog quite often and I genuinely appreciate your information. Your article has truly peaked my interest. I am going to take a note of your website and keep checking for new details about once a week. I subscribed to your Feed too.

  34. hawthorn berry capsules says:

    Hi there, I think your site might be having internet browser compatibility issues. Whenever I take a look at your web site in Safari, it looks fine however when opening in IE, it’s got some overlapping issues. I just wanted to provide you with a quick heads up! Other than that, excellent blog!

  35. organic stevia drops alcohol free says:

    Next time I read a blog, I hope that it doesn’t fail me just as much as this particular one. After all, Yes, it was my choice to read through, but I genuinely believed you would probably have something helpful to say. All I hear is a bunch of crying about something you can fix if you weren’t too busy looking for attention.

  36. IDGod says:

    Good post. I learn something totally new and challenging on websites I stumbleupon everyday. It will always be helpful to read through articles from other authors and practice something from other sites.

  37. how to make a YouTube video ad says:

    Oh my goodness! Amazing article dude! Thank you, However I am having issues with your RSS. I don’t know the reason why I cannot subscribe to it. Is there anybody having identical RSS problems? Anyone that knows the answer will you kindly respond? Thanx!!

  38. Pole Dancing Classes says:

    Having read this I thought it was very enlightening. I appreciate you finding the time and energy to put this short article together. I once again find myself spending a lot of time both reading and posting comments. But so what, it was still worthwhile!

  39. Additional Reading says:

    Hi, I do believe this is a great site. I stumbledupon it 😉 I’m going to come back yet again since i have bookmarked it. Money and freedom is the best way to change, may you be rich and continue to guide other people.

  40. kurtkoy escort says:

    Having read this I believed it was rather enlightening. I appreciate you finding the time and energy to put this information together. I once again find myself spending a lot of time both reading and commenting. But so what, it was still worth it!

  41. cinemaprostudio.com says:

    I seriously love your site.. Excellent colors & theme. Did you develop this website yourself? Please reply back as I’m looking to create my own website and would like to find out where you got this from or exactly what the theme is called. Cheers!

  42. Holster HQ says:

    After checking out a handful of the blog posts on your blog, I seriously like your way of writing a blog. I book-marked it to my bookmark website list and will be checking back in the near future. Please check out my web site too and let me know your opinion.

  43. Rafael Molen says:

    I’m amazed, I must say. Seldom do I encounter a blog that’s both equally educative and interesting, and without a doubt, you have hit the nail on the head. The issue is something that not enough folks are speaking intelligently about. I’m very happy I stumbled across this in my search for something relating to this.

  44. Kho Sim says:

    Your style is so unique in comparison to other people I’ve read stuff from. Thanks for posting when you have the opportunity, Guess I will just book mark this blog.

  45. useful reference says:

    Oh my goodness! Impressive article dude! Thank you, However I am experiencing problems with your RSS. I don’t understand the reason why I cannot subscribe to it. Is there anyone else getting the same RSS issues? Anybody who knows the answer will you kindly respond? Thanks!!

  46. 512 Bounce says:

    After I originally left a comment I seem to have clicked on the -Notify me when new comments are added- checkbox and now each time a comment is added I recieve four emails with the exact same comment. There has to be an easy method you can remove me from that service? Cheers!

  47. first day of school says:

    An interesting discussion is worth comment. I believe that you ought to publish more about this issue, it might not be a taboo subject but generally people do not talk about such issues. To the next! All the best!!

  48. Lock & Keys says:

    Your style is unique compared to other people I’ve read stuff from. I appreciate you for posting when you’ve got the opportunity, Guess I will just book mark this site.

  49. Purk says:

    An outstanding share! I’ve just forwarded this onto a coworker who has been conducting a little research on this. And he in fact ordered me lunch simply because I found it for him… lol. So allow me to reword this…. Thanks for the meal!! But yeah, thanks for spending time to discuss this issue here on your web site.

  50. The Herodotus says:

    I would like to thank you for the efforts you’ve put in writing this blog. I’m hoping to see the same high-grade blog posts from you later on as well. In fact, your creative writing abilities has inspired me to get my very own website now 😉

  51. 护送服务 says:

    My programmer is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the costs. But he’s tryiong none the less. I’ve been using Movable-type on numerous websites for about a year and am worried about switching to another platform. I have heard excellent things about blogengine.net. Is there a way I can import all my wordpress posts into it? Any help would be really appreciated!|

  52. pornhub says:

    Admiring the persistence you put into your site and in depth information you offer. It’s good to come across a blog every once in a while that isn’t the same old rehashed information. Great read! I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.|

  53. Raeann Mcinerney says:

    Next time I read a blog, Hopefully it does not disappoint me just as much as this particular one. I mean, I know it was my choice to read, nonetheless I really believed you would have something interesting to talk about. All I hear is a bunch of crying about something that you could fix if you were not too busy seeking attention.

  54. SEO Guarantee says:

    Hello would you mind sharing which blog platform you’re using? I’m planning to start my own blog in the near future but I’m having a hard time choosing between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your layout seems different then most blogs and I’m looking for something unique. P.S Sorry for getting off-topic but I had to ask!|

  55. Mac Riddleberger says:

    Howdy! This blog post could not be written much better! Going through this article reminds me of my previous roommate! He constantly kept talking about this. I am going to send this article to him. Pretty sure he’ll have a very good read. Thanks for sharing!

  56. w88 says:

    Great post. I was checking constantly this blog and I am impressed! Extremely helpful information specifically the last part 🙂 I care for such information a lot. I was seeking this certain info for a long time. Thank you and best of luck.|

  57. Fitness Spartan Capital Management says:

    I’m impressed, I have to admit. Rarely do I encounter a blog that’s both educative and entertaining, and let me tell you, you’ve hit the nail on the head. The issue is something too few men and women are speaking intelligently about. Now i’m very happy that I came across this in my hunt for something regarding this.

  58. More about the author says:

    Hello, i read your blog from time to time and i own a similar one and i was just curious if you get a lot of spam comments? If so how do you reduce it, any plugin or anything you can suggest? I get so much lately it’s driving me mad so any assistance is very much appreciated.|

  59. lanyard singapore says:

    An intriguing discussion is worth comment. I think that you ought to write more on this issue, it may not be a taboo matter but generally folks don’t speak about these issues. To the next! Best wishes!!

  60. https://vk.com/wall615020060_58 says:

    I’m impressed, I have to admit. Seldom do I come across a blog that’s both educative and entertaining, and let me tell you, you have hit the nail on the head. The problem is something which not enough people are speaking intelligently about. I am very happy that I stumbled across this in my search for something relating to this.

  61. Check here says:

    Hello there! I could have sworn I’ve been to this blog before but after looking at some of the posts I realized it’s new to me. Anyhow, I’m certainly happy I found it and I’ll be book-marking it and checking back frequently!

  62. embedded system professional developers says:

    Next time I read a blog, I hope that it does not disappoint me as much as this one. After all, Yes, it was my choice to read, however I truly thought you would have something helpful to say. All I hear is a bunch of whining about something that you can fix if you were not too busy looking for attention.

  63. ハンドメイド通販 says:

    I would like to thank you for the efforts you’ve put in writing this site. I’m hoping to see the same high-grade content by you later on as well. In truth, your creative writing abilities has motivated me to get my own website now 😉

Leave a Reply

Your email address will not be published. Required fields are marked *