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5 Steps To Adjust To Loss Of Income

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MAJOR KEY ALERT!!

Sometimes we have to deal with the loss of income… but the bright side is we can always level up after being pushed 2 steps back.

Never look at your loss as a loss. Look at your loss as another opportunity to learn and grow. 

Adjusting to your new income is the next step whether you’re down to 0,1, or 2 sources of income. Taking the time to plan your next steps will help you level up instead of dwelling on the things you could’ve done to prevent this from happening.

We have to learn to accept things for what it is so we can continue to push forward and still achieve our goals!

Luckily, I have 5 steps to help you with your adjusting process, KEEP READING!

#1: Write down your expenses 

Writing down your expenses will help you see how much money you need in order to make sure all of your bills are paid.

First, see if your monthly bills can be reduced by bill negotiation. 

If you need help negotiating, then you can go to either BillShark or Trim website’s for assistance!

Second, I’d recommend looking into your emergency fund to see how much you have to fall back on before trying to get a loan or using your credit card. Adding debt is never the way to go!

If you have 3-6 months’ worth of expenses saved up then that is great! 

If you do not, then that is ok! You will get there with the help of another source of income!

#2: Find another source of income

If you lose your job, then you should be looking online and calling different places to see who is hiring in your area. There are so many jobs out there with good pay, you just have to take the time out to research!

The job doesn’t have to be a career… It can be something for you to have so you can pay for your bills which is what we want to start out with. If you end up finding a career, then that’s wonderful! Apply and see where it goes!

Finding a source of income is the goal and if you have another time for a side hustle then go for it! 

BUTTTT if you do not have time to start a side hustle then you can look into passive income!

Below I have a list of different passive incomes:

See which one works for you! If none of them suits you then you can Google other sources of passive income!

Multiple streams of income will definitely come in handy if one of them stops making you money!

#3: Create a budget

According to your new source of income, you need to readjust your budget to make sure you write down your new income. Your net income should exceed your expenses and if it doesn’t then you need to think about picking up a side hustle or looking into a passive income.

If you need a new budget template, you can buy one from Mind Over Money Education for $7!

#4: Set new financial goals 

Set new financial goals to help you stay on track and celebrate your small wins because that matters as well! 

For example, your first financial goal can be to find another source of income. It doesn’t have to be a major goal, just something to lead up to your main goal! 

#5: Pay yourself first 

Always put money aside just in case of loss of income or any other unexpected events occur!

Make a commitment to yourself to save as much as you can from each paycheck! 

It can be $1 a day as long as you start somewhere!

These 5 steps will help you adjust to the loss of income and level up! You can do this, don’t give up!

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