Adjusting to Income Loss
Income loss happens to most of us at some point in our life. No matter if you have been laid off, had your work hours reduced, took a pay cut, retired, went on family medical leave, or became a single parent household, the results are the same: income loss. How you respond to the income changes financial, emotionally, and socially can make a difference for you and your family's long-term financial security. Use these resources to get started today.
Financial Decisions That Can Help
Adjusting to Suddenly Reduced Income (PDF) — Take into account the financial, emotional, and social aspects of sudden income loss.
Changing Spending to Live with Reduced Income (VIDEO (2:38) — Take charge of your financial situation immediately after a layoff.
Facing Financial Uncertainty? Take Action Now. — Lutheran Social Services — Five key actions, additional options when facing financial hardship, and top ten questions to ask your employer before your last day of work.
Track Your Spending
Tracking Your Spending — Iowa State University Extension — Manage your money with one of these six tracking methods: receipt, calendar, envelope, checkbook, account book, or computer software program. English | español
Action Page 3-1: Keeping Track of Your Spending — Tool you can use to help you track your spending, an important step in better understanding your finances and making changes as needed. Part of Dollar Works 2: A Personal Financial Education Program. English (PDF) | español (PDF)
Make a Spending Plan
Action Page 3-4: Spending Plan — Short Form — Tool you can use to create a spending and saving plan, an important step in better understanding your finances and making changes as needed. Part of Dollar Works 2: A Personal Financial Education Program. English (PDF) | español (PDF)
Facing Financial Uncertainty? Prioritize! — Lutheran Social Services — Facing financial uncertainty? Prioritizing your expenses is the first place to start.
Strategies for Spending Less — When your family faces reduced income, take immediate action to stop all excess spending. Part of the Getting Through Tough Times series.
Deciding Which Bills to Pay First — Guide to prioritizing your bill paying and spending habits. Part of the Getting Through Tough Times series.
Talking With Creditors — Reduce your chances of being harassed by creditors or collection agencies by working out solutions for debt repayment early. Part of the Getting Through Tough Times series.
Making the Most of What You Have — Look at your total financial picture and determine which assets you might use to meet family obligations. Part of the Getting Through Tough Times series.
Securing Your Resources
Resource List for Consumers — A tool to help you identify and locate information and services to make informed decisions, take positive action, and create significant outcomes in your life. (Most resources apply to Minnesota audiences only.)
Facing Financial Uncertainty? Find Resources! — Lutheran Social Services — 10 key resources to help bridge financial gaps. (For Minnesota audiences only.)
Keeping a Roof Overhead — When family income drops, careful planning can help you avoid eviction from your rental unit or the loss of your house. Part of the Getting Through Tough Times series.
Bartering — Swapping resources with others is a time-tested way to stay in control when money is tight. Part of the Getting Through Tough Times series.
Meeting Your Insurance Needs — Insurance is the primary way you protect yourself against financial loss caused by illness, accidents and other destructive or damaging events. Part of the Getting Through Tough Times series.
Children and Income Loss
Communication: Money Mechanics — Iowa State University Extension — Talking about money isn’t easy but this publication has tips to start your family communicating. Also includes a plan to reach financial goals and a “talk about money” quiz.
How You Can Help Mom or Dad — Ways children can help your family during difficult financial times. Part of the Getting Through Tough Times series.
Deciding if Teens Should Work — Weigh the pros and cons of whether your teen should work when the family falls on hard financial times. Part of the Getting Through Tough Times series.
Coping with Unemployment — Iowa State University Extension — Taking charge of a job loss means taking stock of your resources to survive the immediate situation and bring about a positive future. Part of the Stress: Taking Charge series.
Action Page 3-6: Poverty Income Guidelines — Get a summary of the poverty income guidelines and levels needed to qualify for federal and Minnesota-based assistance programs. Part of Dollar Works 2: A Personal Financial Education Program. This is the version for the most recent tax year, formatted for handouts. English (178 K PDF) | español (274 K PDF)
Supplemental Nutrition Assistance Program Education (SNAP-Ed) — Helping Minnesotans with limited financial resources make the healthy choice the easy choice.
Stretch Food Dollars with Tips from University of Minnesota Extension (294 K PDF) — Download and distribute this news release on common high-cost habits and cost-cutting strategies.
GovBenefits.gov — The official benefits website of the U.S. government provides easily accessible information on over 1,000 benefit and assistance programs.
Disaster Recovery — Assists families who have experienced a disaster and the professionals who help them.
The Financial Side of Family Transition — Even if you are comfortable with all of the changes, you will still probably experience financial upheaval after a divorce or separation. Get tools and information on specific financial situations that you may encounter after a family transition.