An abrupt reduction in family income, such as if your employer closes during the COVID-19 outbreak, can be a traumatic experience psychologically and financially. But there are ways you and your family can minimize the hardship.

– First, don’t panic. Give yourself time to get over the initial shock and then start making plans. Don’t blame yourself or anyone else. Just concentrate on dealing with the situation and what is within your control. Here are some things you can do:

– Take stock of family and community resources, including food pantries and SNAP benefits.

– Recognize that your life will be different, at least for a while, but you and your family still can be in control of your household financial affairs.

– Start making adjustments immediately by setting priorities for spending.

– Involve the entire family in setting these priorities.

– Plan to pay creditors and protect family welfare where possible. If needed, negotiate with lenders, landlords and others for extended or delayed payments. Most are willing to work with you during these difficult times.

– Make every effort to maintain positive family relationships and not allow financial pressures to destroy these bonds. Recognize that family income will be reduced and the past level of spending will have to be lowered.

Recently, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to provide economic relief to individuals, families and businesses experiencing financial stress due to the pandemic. To understand what is included in the relief package, go to a reliable news source such as a dot-gov website. You might also watch a webinar led by NDSU and Montana State Extension personal and family finance specialists related to the legislation. The webinar puts things in laymen’s terms and can be found at http://solidfinances.msuextension.org/pastrecordings.html.

Finally, take a deep breath. Take a walk. Be thankful for family and friends. And, remember, this too shall pass.