If you are a two income family, now is a great time to adjust your budget to one income. During a recession, you may find that one of you loses your job. In the mean time, you can save money from the second income to save for emergencies or pay off your debt.
Making a spending plan or a budget is very important. Crown.org has really helpful information about how to make one or adjust one.
Seeking God during this time is also important. He can give you ideas of how to save more money and how to make more money. You may be interested in reading the articles - Contentment and Fearing the Future.
Most of your expenses can be lowered, if you really want to lower them. Challenge yourself to cut down every expense in your budget. Then do it again, until you are able to live on one income. It won't be easy, but this can be done. And the rewards will be worth it. You will also be better prepared if the worse happens to your family.
Things you can do to lower your monthly expenses:
- lower your monthly rent or mortgage
- lower your food costs
- lower your insurance expenses
- lower your utility expenses
- lower your clothing expenses
- lower your medical and dental expenses
- lower your allowance for gifts
- lower expenses by bartering with with friends and relatives
- be a one car family - an inexpensive (and paid for) used car
- cut cable TV (reality: a lot of people don't have cable TV)
- cut entertainment expenses
- cut eating out
- cut your cell phone unless it is required for your work
- cut miscellaneous and impulse buying
- put off the vacation
- vow not to buy on credit anymore
- avoid going to stores and the temptation to buy online
The Dollar Stretcher has hundreds of articles for how to save money.
Consider getting a Recession-Proof Job