1. Your mortgage, and insurance/tax are some of the biggest cost items on your monthly expense sheet.
    Discuss with your bank if they can provide some flexibility, either deferring it by a couple of months, or if interest rates are favorable, work out a refinance. Especially in the current COVID situations, most bankers are proactively providing these options.
  2. Car loans and Auto Insurance
    After the home mortgage, typically this is the second biggest expense. Evaluate dropping your auto insurance temporarily to collision only. It could provide a big chunk of cost savings.
  3. Cut down other expenses. Check your bills
    1. Phone – do you need a large plan or for now, can survive with cheaper one?
    2. Food and Restaurants – Usually for many people, this can be a high cost. Can you start cooking food at home?
    3. Watch your spend – do not buy or take on new projects that would cost a lot of money
  4. There is no harm in checking out Grocery deals. Do not make it super complicated
    1. Just pay attention to deals online and make a call on what to buy from where and when
    2. You have the time so use it wisely.
    3. For example – our Local Sprouts has 4 strawberry boxes for 5 bucks. While in another store – you might end up spending 3:99 for one box.
    4. Also check out online articles – one I found interesting was – https://www.moneycrashers.com/ways-save-money-groceries/
  5. For online shopping, there are websites and browser plug-ins which automatically provide you savings options and coupons. Check out Wikibuy/ Honey etc.
  6. If you own a home – Watch your water bill. If you were watering your yard 3 times a week, will it survive if you cut it to 2 times?
    1. You don’t want to kill everything out there but some of these things we don’t pay attention to. Most landscaping will adapt!
  7. Focus on getting your next job, but also look at temporary jobs out there.
    1. If you are good at Photoshop or any such tool, you might want to look at several GIG economy platforms out there.
    2. They do the marketing for you
  8. If things get too stressful, try Retail jobs.
    1. One story was about how someone took on a Grocery stacking job in the night.
    2. This gave him some money coming in to the household.
  9. If you go to church, network and let people know that you are looking.
    1. You will be surprised how many people might help you
  10. Revaluate your skills
    1. Just because your title said A, does not mean that’s the only thing you can do.
    2. Take an inventory of what you are good at. And I mean good at.


Don’t forget to Download the excel template. Link on this page below. It is a basic template to manage you are finances if you are laid off. It is also a good way to keep in touch with us for more content and templates.

Budget Template