These 8 money moves can help you make up for lost income.
Regardless of whether a financial setback has just hit you or you have been unemployed for months, revamping your strategy to find a new job or more income can help increase your chances of success, according to Winnie Sun, a financial advisor and managing director at Sun Group Wealth Partners in Irvine, California.1. Search for Covid-19 assistance
Just by doing that search, you should be able to find programs that weren't previously on your radar, including ones aimed at specific demographics or industries.Putting your mind to it: Financial and psychology experts on how to handle money stress and overcome anxietyIf you typically work in a field where jobs are no longer available, look for other ways where you can potentially find work quickly, Sun said."The key is to bring in income," Sun said.
So often, people think that you should only be talking to us when you have a lot of income and you're able to invest, and that's actually not true.Once you have tackled those big-ticket items, evaluate whether there are other monthly bills — such as phone, internet or TV streaming subscriptions — that you can reduce or even cut altogether.
Instead, reach out to your primary care physician and dentist to find out what other forms of insurance they take.One client of Sun's was able to get emergency dental work and pay 75% less on the costs after she switched to a plan her dentist recommended, she said.Even if you're broke, it is still a good idea to reach out to an accountant or financial advisor for help, Sun said.
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