Below are some other steps to consider to pay for living costs, depending on the specifics of the situation.
- Develop a Side Hustle- Seek ways to earn freelance income during a period of no income or reduced income from an employer. Inventory your skill set and think about ways to convert your skills into an income stream.
- Enlist the Aid of a Spouse- Determine if it would pay (considering child care and transportation costs) for an at-home spouse to enter the labor force and earn an income.
- Borrow Money, If Necessary- During widespread income disruptions, such as a recession or government shutdown, some financial institutions may offer low-interest loan concessions. Other low-interest places to consider borrowing from are cash value life insurance policies, tax-deferred retirement savings plans, and/or close family members.
- Take Advantage of Public Assistance Programs- Call 211 or visit www.211.org to find out about human services programs in your community and if you qualify. Examples include SNAP, energy assistance, and food pantries.