First and foremost you need to know how much money you need on a monthly basis to cover the essentials. This includes your mortgage, groceries, utilities, and loan payments. After establishing the minimum amount needed, you need to start working towards living within this amount. This will help you in two ways, it will help you readily adjust to a lower income and build your savings to use as a cushion.
Secondly, take some time to visit with your financial advisor and review your total financial picture. Knowing what your options are will benefit you in the long run. Raiding retirement plans, paying additional taxes and penalties can make a difficult situation even worse. Having a plan ahead of time can help you avoid costly decisions.
A financial check up is a good idea at any time, but in today's environment it is imperative. If you have already been affected, remember it's not too late to review your options. A budget and a plan are essential in today's economy.