How to Prepare for Income Interruption
You work hard; you deserve to protect yourself from potential income interruption.
How can you prepare both mentally and financially for unpleasant but very real moments like this? You will be better able to deal with income interruption if you:
Create an Emergency Fund.
This enables you to cover necessary expenses and stay out of debt in the case of unexpected income interruption. If you do not currently have an emergency fund, set a short-term goal right now! Push yourself to set aside at least one month’s worth of income (and ideally three to six) as soon as you feasibly can. Life is full of uncertainties; an emergency fund will help you pivot and stay afloat.
If you have a habit of buying new items and expensive meals, consider alternatives. Practice more gratitude for your current belongings. And learn how to make nutritious meals for yourself; they are often far more affordable and wholesome than restaurant and take-out food! Budgeting and controlled spending will give you a foundation of habits that will enable you to meet your needs if your income flow changes. In the event of income loss, simply make the appropriate changes to your existing working budget.
Tackle Debt Now.
Missed deadlines and the sting of interest can have a major impact on your financial standing. Push yourself to address debt sooner than later in order to protect yourself from strain if your income changes.
Create Multiple Income Streams.
Consider pursuing multiple sources of income. If you lose income from one channel, you can put your time and energy into another. A second career is not only an excellent way to increase your earning power and financial security but also often an opportunity to explore different skills and passions. Not sure which career options are right for you? Your mentor can help you identify opportunities to maximize your time and earning power.
You deserve financial security. Learn more on the Syncis Money Blog today.