We are facing some difficult economic times. I’m challenging you to figure out how to live on 30% less income than you have if you had to.
What are your top priorities and what would you cut? What is really necessary? Should you have a decline in your income due to a job loss, reduced business income, or for a medical reason it’s much easier to cope with the change if you have already figured out how you would adjust your spending.
Check out the November, 2008 issue of Kiplinger’s to see how people have dealt with a reduction in income.