Building a budget is tough under the best of circumstances. Having to adjust your well-researched budget as a result of the financial impact of a global pandemic and subsequent recession is incredibly difficult. Yet, millions of professionals find themselves in need of a new budget ASAP. Indeed, “normal” spending habits and income have been disrupted and may not resume for months –– or even years –– into the future. As such, it’s imperative for everyone to review their standing and form a new working budget moving forward. This post will help you do just that: 

Reassess Income Sources

For a huge portion of people, their regular income dictates how they spend and budget money. If you have a “traditional” nine-to-five job, odds are you generate most –– if not all –– of your income from your paycheck. Obviously, over 30 million Americans have already been laid off. Millions more have seen their hours cut. Though it may be difficult, it’s important to figure out how much income you can expect to generate over the next few  months. Study patterns in your industry and assess your situation. Freelancers and gig workers will likely find it even more difficult to determine their income figures, but it is crucial to calculate some sort of accurate income baseline in order to budget effectively.