How to Create a Bare-Bones Budget in a Financial Emergency

When your finances are in crisis mode, it often calls for you to deviate from your normal budgeting routine and adjust your budget accordingly to protect you during uncertain financial times. 

One of the first steps to take is to create a bare-bones budget.

A bare-bones budget is basically your regular monthly budget stripped down to include only the most essential of expenses and created for the purpose of freeing up additional income and being able to live on less.

Why Create a Bare-Bones Budget?

Once created, a bare-bones budget shows you the least amount of money you would require to survive on a monthly basis.

How to Create a Bare-Bones Budget in a Financial Emergency


Your budget and your spending should reflect your priorities.   When facing a financial crisis you are forced to be even more intentional about how you are spending your money. 

Your Main Priorities

Once you’ve covered your four walls, it’s time to take a look at your remaining fixed expenses, which will include any other bills or expenses you pay on a monthly basis but don’t necessarily fall within the four walls of budgeting.  


Cut Your Expenses

Another option is to group your expenses into tiers according to their priority. When money starts to get tight, you could automatically go to your budget and cut the Tier 3 expenses. 


Group Your Budget Categories

Swipe Up to Read More!