Instead, you should immediately cut out all non-vital expenses, even if you think you can afford them until you can sit down and put pen to paper to get an idea of where you truly stand. Put off your hair appointment, try to walk or ride a bike if you don’t have to drive, and maybe sell that new car and replace it with a nice but used one. The key here is to ensure that your net worth doesn’t start to nose dive because you are living off of savings, burning through cash.
You may want to consider picking up temporary work in a lower paying job just to keep your cash flow healthy and protect your family. Consider becoming a checker at Wal-Mart or Home Depot; maybe open an ecommerce site to try to generate some cash through the web. Whatever it is, the goal here is not a career but to protect your balance sheet by earning enough that, when coupled with your expense reductions, results in you treading water financially.
