I know what you may be thinking: With this big of an income loss, how can you pay your bills? Did you starve? Did anyone help you financially? Did you still tithe?
Yes, that was a super-big challenge I can tell you! And, this 60% income loss was instantaneous, out-of-the-blue, unexpected. Will things ever be the same? Will we always be lacking financially? Will that make us unhappy?
There were worries, and there still are at times when we allow ourselves to be caught up in the way the world views finances. But, Christ is our cornerstone, we know that. We live it!
I’ll let you in on a secret: About 6 years ago, I was praying and told God I didn’t want to be the one to make the most money in the family, I was tired of the stress of staying in an occupation that I didn’t like just because of the money. I asked God to increase Roadrunner’s (my loving husband) abilities and income so that one day I could stay home.
Well, it happened!
Sixty percent income gone, just like that!
Of course, the first thing you do in a situation like that, after the panic attack sets in, is go over your income and your bills. You know what happens … how are we going to do this?
7 Things To Do With 60% Income Loss
- PRAY, PRAY, PRAY
- This is critically important for success. Failure to ask God’s help would be disaster for us. God owns the cattle on a thousand hills, everything, we not only need His guidance, but help.
- Figure out your realistic “net” income after taxes
- Pull out your paychecks and seriously look at them
- Do you normally get a big refund at the end of the year?
- It may be necessary to provide a new W4 to employer to increase your exemptions. Talk with your tax accountant.
- Remove all unnecessary expenses
- Eating out, even convenience stores, quick stops, grocery stores, etc.
- That was something that was difficult, we live out of town and I still had to look for a job with unemployment
- Cable, satellite (we pay less than $9/month for Netflix, it’s great!)
- If you or someone in your family is a smoker, most likely (unless they agree to quit) you will need to include this expense in your budget
- Pet expenses such as grooming, bathing, etc.
- We do our own pet’s grooming
- Never, ever, ever feed a dog processed human food! Fresh fruits and fresh vegetables are healthy for them, but that’s it. Dog food only, not excessive.
- Tithe first
- I know when people lose income, they are tempted to stop tithing or tithing less. Do you trust God enough with your finances?
There is so much more, and you can read the rest of 7 Things To Do With 60% Income Loss.
After reading both articles, I would love to hear anything that has helped you as well as any questions you may have. Let’s build community and helpfulness!