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What to do if your Income is Reduced – Covid-19

Having reduced income puts a lot of strain on the family finances. Therefore, we’re here to provide you with some tips on how to get through this period. With our tips, you will come out the other end without having a financial hangover.
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What to do if your Income is Reduced – Covid-19

Having reduced income puts a lot of strain on the family finances. Therefore, we’re here to provide you with some tips on how to get through this period. With our tips, you will come out the other end without having a financial hangover.
Share this article with friends and family:
Facebook
Twitter
LinkedIn
Email
WhatsApp

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Many have found that their working hours have been reduced as a result of Covid-19.  As a result,  their income has also reduced. However, this does not necessarily mean that you meet the Governments eligibility criteria to receive relief benefits.

During these times, it is important to build a cash buffer. So if your income has been reduced, consider;

  • Applying to the Government to have the amount of tax withheld from your pay reduced, meaning you will have more cash in your pocket now, and
  • Reviewing your spending, reducing costs and preparing a budget.

For other helpful tips to get you through this period and come out the other end without having a financial hangover, read this blog.

Regardless of your situation, we are here to help you. Let’s work together to create a plan to help you and your family through this challenging time!   

Our Covid-19 blog is full of more useful information and additional resources, so please make sure you click here to check it out!

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