Tip 3: Adjust your budget!

Taking control of your finances is hard at any stage, but it can be especially difficult when dealing with the stress of losing your job. Here are some ways to reduce the economic burden by adjusting your budget and trimming unnecessary expenses.

1. Learn the difference between wants and needs- this is a tough part for a lot of people. Most of us are used to buying what we want, when we want it, but making changes isn't impossible. Necessities are things like food, shelter and utilities, while wants are things we don't have to have, but make our lives easier. Be sure that you have enough for your needs before you start buying "wants".

2. Draw up a family budget. Track your income and all your expenses- even small ones like drinks and lunch. This will tell you exactly where your money is going, and if you have a partner, you should do this with them while taking their opinions and needs into consideration.

3. Cut expenses. Make a list ordered by importance, and establish priorities, cutting any expenses that aren't essential. For instance, you can cut the cost quite a bit by taking lunch to work. Almost every office has a refrigerator and a microwave. On average, you can save $100 or more per month doing this.

4. Trim utility expenses- turn off the air conditioning when you aren't at home, and before you leave, turn off appliances and lights. Take shorter showers to use less water, and use a multiplug for appliances that still draw power when they are turned off.

5. If you have a cell phone (and who doesn't?) think about switching plans. If you're always going over on your minutes, you're likely paying too much. Either trim your phone use or switch to a plan that has more minutes. The plan may cost more but you'll save on overage charges.

6. Don't grocery shop without a list. If you go unprepared or hungry, you'll buy things you don't need or that are unhealthy. Make a menu for the week and only buy what you need.

7. Cut services that aren't essential. Living without internet or cable can be hard, but in dire economic times, it can be necessary. If you have a laptop, go to a coffeehouse or somewhere else with free wireless internet, and if you shudder at the thought of watching just broadcast TV, consider buying a Netflix or similar membership.

Putting aside a little money is also essential and it's the most difficult part of setting up a budget. Even if you can only put aside $10 a month, that's better than nothing. There are a lot of things you have to do when you're faced with unemployment, but the most important is setting a budget and sticking to it.