I have written before that more money will not make you happier. However, a suddenly reduced income can certainly cause an enormous amount of stress. Despite our best career planning, forces beyond our control can leave us feeling financially vulnerable and stressed. Some situations might include:
- A layoff
- A business downturn that leads to management asking everyone to take salary reductions
- A job search that goes on longer than you expect after a life transition like moving or graduation
these are normal life circumstances in a shifting, global economy. But when they happen to you they feel completely personal and very stressful!
Extension researchers at the University of Minnesota have put together a variety of resources that can help you understand and deal with these circumstances. This is a very comprehensive and useful site. If you or someone you know is adjusting to a suddenly reduced income, check it out and see if you can find some encouragement to help you get through!