6 Tips For Managing On A Reduced Income

It is human nature to live according to your means.  Some people are savers, some are spenders, but generally, we all live life based on our income.  In the last few weeks, that paradigm has shifted, and the income we may have thought was somewhat reliable is suddenly not, and you may now be faced with managing on a reduced income.

Whether you have lost your job, your business has had to close down, your hours have been reduced or you are a retiree living on the return on your investment, most people have been financially impacted by the fallout from Covid-19.  In fact, over 3.9 million Australians are unemployed or underemployed, that’s 1.4 million more than prior to the virus hitting.[i]

So if you find your income reduced, you are not alone.  Here are a few tips on how to manage in the short or even medium term on a much tighter budget.