Two months ago I lost my job. The first thing I did was have a beer. Actually I had 6 beers. Then the second thing I did was sit down and start making a list of all monthly expenses, how much I had in my savings, and how long I can pay rent and feed myself.

That said, when you’re strapped for cash, you instantly go into “saving” mode, looking for every opportunity possible to save some cash. Here are some considerations:

Go through all of your monthly expenses. Outline them all on paper, and be realistic. You’ll want to over-estimate what things will cost you, just in case.

Now, where can you cut corners?

Cell Phone
Maybe you don’t need a phone plan with unlimited text messages, email, and television. Then again with all of the time you’ll be spending at home, you may not really need it at all.

Internet access
If you’re on a high end, high data plan, trim it down to something less expensive if it’ll save you at least $10 bucks a month.

Electricity
Obvious one; dim your lights or turn them off when you’re not using them. Don’t fall asleep with your giant 52” television on. Make sure your thermostat is working well and get a scheduled on that will not run as much during the cooler night time (vice versa in the winter). If your PC has a “Power Saver” function, make sure to keep it running and turn your monitors off when you’re not using them.

Health Insurance
For many of us with children, this isn’t an option of where you can cut corners. If you’ve been laid off, see what subsidized options are available to you temporarily to help save money. However, if you’re young and single and healthy, I see insurance as a gamble and have opted out having any right now. If you’re cliff diving and skydiving on a regular basis, trust me, keep your insurance.

Car Insurance
A no-brainer way to cut your costs, in my opinion. If you don’t have a car payment, switch to Liability. I would HIGHLY recommend finding a cheaper plan, if possible. For a cheapskate like me, I see car insurance as unnecessary since most insurance companies tend to spend as much money to get out of paying, anyway. If you are fearful of going to straight liability, consider upping your Deductible so that you’re paying less each month.

Loans
Car loans, home loans, student loans, etc….most people got ‘em. Call your banks and see your options – many will offer consolidations, lower monthly payments, or in the case of student loans a deferment while you’re unemployed. Every dollar you can save right now counts, so ALWAYS know your options here.

Credit Cards
I really, really hope that you’re not carrying a lot of credit card debt. This is absolutely the first debt you should take care of. Many of us are in the habits of using credit cards to finance purchases that shouldn’t be financed. Paying interest on a pack of chewing gum or last week’s dinner is absolutely unnecessary. Ever see what you’re paying in Interest? Move your balance to an account with a lower Introductory interest rate. These offers are everywhere; check online, read that “Junk Mail” for once to see if you get an offer – these will depend on your credit, but in the long run, will save you a lot of money and can lower your monthly payments.

Cable TV
Personally, as an Internet junkie, I think Cable TV is a total waste, but then again I don’t watch much television anyway. If you can’t live without cable, get rid of those premium channels. Trust me, the more you have the TV off, the less you will miss it. Besides, many of your favorite shows can be watched on Websites such as hulu.com, anyway.

Stop Smoking
If you’re a smoker, it’s going to cost you. Taxes are going up, the cost of cigarettes are always increasing. It’s bad for you anyway. Cut it out.

Other Services
Put them on hold for awhile unless they are vital. Seriously, do you really need that membership to the Book of the Month club when you live near a library? Do you so desperate that you require the convenience of OnStar to go places? Really consider how much you’re paying for these things, how necessary they are, and you'll find that you can cut a lot out of your budget really quickly.