Establishing your net income, looking carefully at living expenses, strategies for reducing expenses, wise use of assets like emergency funds, and getting the family involved to get through this period are the steps you can follow to take control of your family financial situation. Let's take this one step at a time. Before you proceed with financial adjustments, you should consider how long you might be out of work. It is very possible that six months to one year will pass before you will be back fulltime in the workforce. This means that you must carefully anticipate the kinds of financial problems you might encounter.
Many families are two income families.
They have several sources of income that can help blunt the impact of unemployment in the family. However, one income only will mean that much of the discretionary income your family uses will be limited or nonexistent in the near future. Family income can be figured in tweo phases. Phase I includes unemployment compensation. Phase II occurs when unemployment has elapsed and the family begins to use more reserves and assets as income.