When you have had a loss of income, it can be devastating. Now you face some very difficult financial decisions when your paychecks stop coming and you do not have enough money to cover your family’s basic living expenses. Spending habits must change when income is reduced and prioritizing needs versus wants is going to be crucial. Remember to include your family in the decision-making process to determine which expenses are most important. It will take everyone’s cooperation in order to carry out the plans.

The first step is to figure out what your current income and monthly livi...