Kimberly Palmer: How to bounce back when your income drops
By KIMBERLY PALMER of NerdWallet
Having a good grasp of your expenses and budget is the best preparation for a drop in income. But if that ship has sailed and there’s less money coming in, there are still ways you can rebound. Taking a minute to process your emotions is a good start. Then do a spending audit to dig into how you can cut back. Food expenses are easier to control than many others, so that’s a great place to start. Next, check for possibilities for bigger savings, such as economizing on vehicles. And consider how you can rebuild or start an emergency fund so you’re protected in the future.
