7 Ways to Deal with a Shrinking Income ...


There are several ways to deal with a shrinking income. Whether you’ve recently lost your job, or your employer reduced your hours at work, a shrinking income can be the last thing you need in a tough economic world. But unfortunately, this is a reality for many employees. However, solutions are available. Here are seven ways to deal with a shrinking income.

1. Don’t Panic

It's normal to feel panicky if your income drops suddenly. But panicking is one of the worst ways you can deal with a shrinking income. When you panic, there's a chance that you'll be paralyzed by fear. And once you're paralyzed, you're not in a good position to make smart decisions or brainstorm solutions. Stay calm and wrap your mind around the new situation.

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