Do You Have a Plan if You Find Yourself with a Reduced Income?

Low Port volume reduced income for LongshoremanReduced income for Longshoreman is a possibility this year. A recent article in MarineLink.com discussed how June 2013 cargo volumes here at the Port of Los Angeles decreased over seven percent from June 2012. A Port spokesman believes the same amount of cargo is being shipped, but the port of destination has shifted to other locations.

Obviously if cargo volume is down, sooner or later worker hours will also be reduced, which translates directly to reduced income. And if this happens to you, do you have a contingency plan? Could you get by on less money?

First sit down and figure out where all your money is going. That is the only way you will be able to see where you can cut costs. Everyone has certain monthly expenses that have to be paid; things like the mortgage, auto loans, utilities, credit cards bills, savings, insurance and groceries. Then take into account all the extras…entertainment, eating out, impulse shopping and now start seeing where you can cut back.

It’s very important that you make sure debts which affect your credit are kept current as well as regular deposits into savings or retirement accounts. And speaking of savings, don’t continue to live the lifestyle you have now if it means dipping into your savings because your regular income has dropped. While it might be a bit uncomfortable to change your way of life during this time, it is vitally important for your financial future and security.

Photo: Flickriver

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About the Author

Stephen Harvey Originally from South Carolina, I am now happy to call L.A. home. I'm a technology hound that enjoys all things digital. Helping others with social media makes me happy. When I'm not plugging in, I enjoy home brewing and BMW's. Feel free to contact me if you have any questions regarding social media or the Internet.