Hard Times, Hard Choices: The Extreme Budget - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Hard Times, Hard Choices: The Extreme Budget

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When it comes to saving money, sometimes it's necessary to resort to extreme measures. Most people won't make drastic cuts because of the inconvenience, but there are a number of expenses you can slash when you fall on hard times.

"Make a list, keep a journal of what you're spending. Once you do that for a week or two maybe after a month you'll feel okay, here's what I've got. I got this list, I can cut on this, I can cut on that,"

"Most of us are tethered to our cell phones, but in desperate times you have to ditch the blackberry and stick to a land line instead.

"If you use it for business and it generates money for you, keep that cell phone, but if you use it strictly as a luxury, you're just calling it to hook up with your friends, just to have it, then get rid of it," News 8 Financial Expert Brent Wilsey said.

The average internet bill runs you about $40, but if you log off at home, you can surf the web at your neighborhood library for free.

Your TV can also be an expensive luxury, but you can save a lot of money if you pull the plug on your cable or satellite.

No matter how much you think you need your car, chances are you can probably live without it. Between your insurance, car payments and gas, you can save thousands of dollars by riding your bike, taking the trolley, or hopping on the bus.

If you've already scaled back your trips to the drive thru and saved as much money as you think you can at the grocery store.

You could always resort back to your college days by eating things like hot dogs, mac and cheese, and good old fashioned top ramen.

And if you know you can't make your next mortgage payment, you can always rent out one of your extra bedrooms.

Other options include pawning your jewelry and selling your clothes, electronics and furniture on eBay and Craigslist, but experts say it's important to avoid making any hasty decisions.

"Really take your time doing it, because it could save you hundreds or make you hundreds of dollars by doing the right thing, but if you don't do your homework you could end up having more of a problem," Wilsey said.

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