Get Your Spending Under Control

Now more than ever, get your spending under control. It’s scary to realize you may not have enough money to pay your bills but there are steps you can take.

Review Your Bills

Review your bills, bank statements, and credit-card statements so you know where your money is going. Highlight any spending that is not absolutely necessary.

Depending on where you are financially, you may want to take one of the following approaches:

• Drastic cuts — if you’re out of money or nearly so. Slash all expenses to the bone, and save all the money you can to pay for essentials like the mortgage or rent payment, food, and utilities.

• Medium cuts — if you can still pay necessities or have some discretionary income. Cut unnecessary expenses and keep close watch on your spending. Be ready to implement further cutbacks if necessary.

Regardless of your financial situation, if you qualify for unemployment benefits, research what your benefit is likely to be (and when it might start — payments often take a few weeks to begin). Create a budget based on that amount of income.

Research early termination fees for cable, cell phone, and other similar expenses. Start saving so you can afford the fees if you decide to cancel these services.

Go to the next page for some specific steps you can take.