Ask an Expert: What to Do if Your Income Drops — A 4-Step Financial Survival Plan (opens in new tab)

When income drops suddenly, it may feel overwhelming, but it doesn’t have to lead to financial ruin. Whether due to job loss, reduced hours or unexpected life events, there are practical steps you can take to stabilize your finances and regain control. Consider this four-step plan to help manage a temporary income loss and build a short-term financial strategy using your existing resources. Step 1: Take Inventory of Your Financial Resources and Expenses Before making any decisions, gain a cle...