But don't cut back too much
Don't fall into the trap of eliminating long-term savings, Gilbert says.
"Because the retirement savings isn't immediately tangible, it's very appealing for a lot of folks to cut back on it," he says.
The same goes for discretionary spending. Ever go on a super-strict diet and entirely deprive yourself of certain foods, only to take a hard fall off the wagon? That's what too much cutting can do, Lawrence says.
If dining out or coffee is a priority or a networking tool, it might be better to cut other things from the budget, she says.