It’s never a good time to get laid off, but when Symone Austin got the dreaded email notice from HR in January, it was an especially tough time to lose her six-figure income.
Austin, 33, was less than a year into homeownership in North Carolina, which came with a $2,800 monthly mortgage and credit card debt she’d accumulated to furnish the space on her own.
As she worked through the feelings of shock and concern, Austin tells CNBC Make It she quickly got to work cutting her budget down to the basics. She estimates she spends $1,000 less per month now, compared with before the layoff.
First, Austin went through her expenses line by line to determine what wasn’t valuable to her that she could cut out entirely: entertainment, subscriptions, shopping just for fun.
With what was left, she drilled into how she could get the things she valued for cheaper or for free. For example, she swapped paid yoga classes for free videos online. She’s leaned into free or low-cost hobbies, like borrowing books from the library.
