The economy is still up and down. One month job growth measures show increases, the next, it drops again.

Company mergers occur and lay offs follow. Sometimes it’s across the country and sometimes in your own hometown.

If you are faced with an income reduction or simply want to adjust your spending to re-focus your financial efforts to, say, saving towards a specific goal, there are some basic ways you can re-assess how you use that precious commodity--your money.

Ask yourself these questions and really think about your answers:

What can I do without?
What do I really need?
Is it really a need, or is it a want?

Go ahead, write the answers down. Your answers will be your guide as you further review your situation.

Review your budget. Are there any expenses that can be adjusted or eliminated?
Look for those hidden expenses.

For example, have you listed in your budget stopping for coffee or the drive-thru for breakfast on the way to work each day? What about going out to lunch? If you’re spending $7 to $10 a day on lunch, plus $3 for a cup of coffee each morning, your budget for other food just jumped up to $50 a week - or over $200 a month.

Could you pack a lunch, taking a sandwich or leftovers from the night before and use that money else where? You could switch completely or eat a lunch from home every other day. Another option is to get a take home box if you eat out one day and save it for lunch the following day. (Doggie bags can be a beautiful thing when you’re trying to be conservative with your cash!)

Bring beverages (soda pop, tea, bottled water) and/or make your own snack packs at home (cookies, fruit, trail mix, chips) instead of feeding money into vending machines.

Eliminate pre-packaged meals and snacks as much as possible, as making food from ‘scratch’ is less expensive overall.

A basic rule to remember: convenience costs money.