Many people find it very helpful to keep a running monthly balance sheet for household expenditures. This way you'll know exactly how much money you need per month to pay for the necessities. As you look at your monthly expenditures, make a determination with your family if you can live without it for a while. If you can do without it…cancel it. This might include cable, lawn service, cleaning help, etc. Try to eliminate as many monthly expenses that you can. Stop eating out, plan your meals, clip coupons, and buy groceries. You will be surprised at how much money you can save by simply cutting a couple of expenses here and there.

As you look to cut your expenses here and there, make sure that you call all of your creditors and tell them that you've lost your job. Most will be willing to work with you, suspending any payment for a period of time or at least reducing the monthly payment to a level that you can work with. Student loans can be put on deferment until you get another job. The key to working with creditors to reduce your payment is calling them before you get delinquent. This shows good faith with your debtors, and knowing you can skip a few payments will ease the stress on you for now.