• Update: Due to inclement weather, all A+FCU branches will be closed today. Read Full Alert

What to Do If You Have a Reduced Income

Mar 23, 2020 Financial Hardships

Planning is the key to surviving a time when a paycheck is on hold. Here are three ways you can cut back on costs.

A man looking at something on a laptop, he appears to be worried.

Stretching a paycheck is hard enough, but what do you do if you’re only paid certain months out of the year or have to take mandatory unpaid vacation? Surviving through that takes planning and careful financial decisions to make sure your money lasts without depleting your savings.

Here are some tips to surviving on a restricted income.

Look at Monthly Expenses

Take a look at what you’re paying for monthly and prioritize the purchases. For example, you need to pay rent and your water bill, but weekly restaurant dates and trips to the movie theater will have to go.

If you’re already cutting back and are struggling to pay for the things you need, call your utility, insurance, and billing companies to ask for assistance. It might be embarrassing to reach out, but if they’re willing to work with you, it could really help.

Shop Smart

Consider every purchase before you pay to see if it’s really worth it. Ask yourself:

You can ask these questions when you’re struggling and when you’re not to save money. It’ll also help you avoid relying on credit cards and collecting debt.

Make Money on the Side

If you really need funds, consider getting a part-time job or work as a freelancer. You can make and sell things if you’re creative or even host a garage sale to get stuff out of your house and make a few bucks.

If you’re going through a rough financial time, just remind yourself that it won’t be forever. Cut down on expenses, save, and ask for help when you need it. Our financial partner, BALANCE, is also here to help you with no-cost financial counseling services.

Related Articles

Banking on each other.
Building stronger communities.®

I’m looking for…

This link takes you to something we think is useful.

But, it’s important to know you’re leaving the A+FCU website. Our site provides links to third party sites and resources not controlled or operated by A+FCU. Other websites may have privacy policies, security, and terms of use that aren’t the same as A+FCU’s. A+FCU isn’t responsible for third party content, agreements, or transactions on linked sites. If you’d rather not continue on to this site you can always call us or stop by a branch to find out more.