Economic & Community Development
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Helpful Links
Farm continuity: Purdue University Code Red Farm Business, https://ag.purdue.edu/department/extension/wia/codered.html
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Income drop? Take stock and set priorities
Released: April 22, 2020 Developing a spending plan can help reduce stress, maintain control of your financial position
MANHATTAN, Kan. – The economic fallout from closed businesses and lost jobs linked to the new coronavirus hit with almost no warning, abruptly slashing the income of millions of Americans. The situation is heightening stress as individuals and families figure out how to pay rent, utility bills and more. “An abrupt loss of income, whatever the reason, can be traumatic,” said Kansas State University associate professor Elizabeth Kiss. “When it happens, a common instinct is to panic. Although natural, avoid the temptation to tailspin as much as possible.” It may feel like you’re not in control right now, but there are things you can control, said Kiss, a family resource specialist with K-State Research and Extension. She provided suggestions in Don’t Panic – Take Control one of a series of resources available free online under the title, When Your Income Drops.
In it, Kiss encourages people to:
- Don’t panic, take control. Don’t blame yourself for the current situation. Instead use that energy to deal with your situation.
- Control stress. Being proactive about developing a plan to manage your finances can reduce stress.
- Take stock of family resources. Know what you own and what you owe. Find out about community or government resources available to help people in tough situations like yours.
- Set priorities for spending. Now’s the time to talk with family members about how each uses money. Design a family spending plan.
- Pay creditors. It may mean calling them to make arrangements that you both can live with.
- Keep a roof overhead and meet insurance needs. Knowing that the basics like food and diapers, the mortgage or rent, the utilities and essential insurance are paid for can go a long way toward easing stress.
- Sharpen your economic survival skills. Consider how you can substitute, conserve, cooperate or cut back on your spending.
Community, family provide essential support during tough times.
When Your Income Drops: Community and Family Resources
Economic and Community Development is an important aspect of Extension work. Work in this area focuses on the development of communities by working to develop and to support leaders and organizations within those communities. K-State Research and Extension has the specialists and research available to provide Kansans with timely, credible, unbiased and research-based information and education about public issues. Pressing and emerging issues that involve multiple points of view have widespread consequences on those who live and work in our counties.
