As a result of the coronavirus, many people will be experiencing a reduction in income.

Temporary closures, slowness of business and lack of work are some of the reasons why people may find their paychecks a little smaller for a while.

Do not panic if this happens to you.

Financial experts tell us that the U.S. economy is strong and it will come back.

Many of us have ridden this wave in the not-too-distant past and have gone through this cycle before.

Apply for unemployment.

If you are going to be out of work in Pennsylvania, apply for unemployment compensation.

The one-week waiting period has been suspended and the work search and work requirements have been temporarily waived.

Legislation about benefits is being developed and continues to be revised, so stay current with economic and business news.

Contact your local legislators to let them know how they can help shape policies that benefit workers and families.

Find out what resources your employer has available for employees.

Make suggestions for what you feel would benefit people in the current situation.

Offer to perform other jobs for which you may be qualified in order to maintain your regular hours.

Review and revise your budget based on current income.

List your fixed expenses (rent/mortgage, utilities, prescriptions, basic food, auto loan or other loans, credit card minimums, insurances). Are there ways to lower any of these expenses?

For example, do you have options on your mobile phone plan that you could live without temporarily?

Can you ask for a generic prescription instead of the name brand, or can you contact the drug manufacturer to ask for a voucher?

List your flexible expenses (gym memberships, entertainment, subscriptions, clothing, hair salon, nails, hobbies, food beyond the necessity). What can you live without for a while? What can you substitute?

For example, you might cancel a monthly book subscription and go to the library instead.

Running or walking outdoors and a free web-based yoga app might save you the money you spend on the gym.

Fashionable clothing can often be found at resale stores.

List any occasional expenses (upcoming events such as birthdays, weddings, parties, holidays and special events that do not occur regularly). How can you scale back on some of the planned expenses?

Do you need to throw a party complete with a clown and pony rides for your six-year old’s birthday, or can you have a less costly event at a local park?

In addition, find out from your credit card companies and bank if they are willing to lower or defer payments during this time.

In the past, many banks offered interest-only payments during a period of economic crisis.

Stay informed.

You won’t know all the resources available to you unless you ask.

The government continually reviews and revises programs to help individuals and businesses financially stay afloat.

Do not panic or let the stress of the impacts of COVID-19 affect your well-being.

Remind yourself that this is temporary and you will be OK.

Working with your family on finding ways to save can even be a fun challenge for all.

***

Editor’s note: Denise Continenza is the family living educator for Penn State Extension, Lehigh and Northampton counties.