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The current economic distress is projected to worsen throughout 2009. A full recovery is not expected until sometime in the year 2010. The current 6.5% unemployment rate is expected to rise to at least 9% and with it, credit will continue to tighten, with
interest rates and late fees increasing, and many credit cards will be canceled.

What you must do? Cut down your living expense. Take out your cash flow statement. Then prioritize your expenses. After that, you are ready to figure out how to reduce expense. It is best to do this exercise with your family or spouse.

Step 1: List Current Expenses

In order to have a better idea of how you personally can cut household expenses, you need to determine what your current expenses are.
1. Collect all the receipts, bills, and financial statements that you can find.
2. Create categories for your expenses for example, sugar, flour, egg, vegetables under category Food
3. Write down fixed costs. Bills fall into this category
4. Calculate the average monthly cost of other items, for example u need to repair your car, buy clothes, make it an average cost for monthly

Step 2 :
Before you set a budget, try to find ways to reduce your monthly expense. By reducing the cost on your regular bills, you'll have an automatic way to save money each month, and a more accurate budget.
1. Examine old telephone bills to figure out how you use your phone.
2. Use only one cellphone and use it properly
3. Think it carefully if do you really need cable TV
4. Consider living in a smaller house
5. Use compact fluorescent light bulbs (CFLs). This is an almost universal recommendation for reducing home energy bills.
6. Wear clothes a couple of times before washing to save money on energy and water usage, as well as detergent. Dry your clothes on a clothesline or drying rack in your home

Step 3: Make a Budget
create a budget for the future, choosing areas where you think you can cut back on expenses.
1. Try to spot categories you can cut back, but be reasonable
2. Estimate what you'd like to spend on categories for which you don't have records.
3. Keep close track of all your expenses over the next couple months. Save all receipts and statements that you accrue during the week. Keep them in a safe place where you can find them to record later. Don't forget to note cash transactions.
4. Compare what you thought you spend to what you actually spend. Hopefully, your estimates were on par. If not, make changes to your budget accordingly

Step 4: Curb Your Spending

One important way to cut down on your expenses is to take care of your stuff and yourself. The more quickly you wear your possessions out, the more money you'll spend replacing them. Similarly, if you take care of your body's health, you won't wear out or get sick as quickly. Fewer visits to the doctor is always good for the wallet.

1. buy used, pay cash, or buy online
2. Buying clothes during sales and Stick to machine-washable clothes
3. When you think you need something, put it on a list and let it sit a while. If you still need it after a month or so, go ahead and buy.
4. Don't make shopping a recreational activity and Get rid of credit cards
5. Not eating out includes not buying your lunch at work.
6. Take public transportation or carpool to work

Step 5: Pay Off Credit Cards
If you pay your credit card bill in full each month, good for you! However, if you tend to have a running tab, start paying that money back as soon as possible.

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