When times are tight, it's time to retrench. That means rethink your budget, cut back on the spending, and use your pennies wisely.
Usually when you have to retrench, it's not a good thing. Companies in the process of retrenching are usually laying off staff or cutting back on employee benefits. But even if you're making gobs of money and your bank account is full of cash, it might be wise to save for a rainy day — that way you won't have to retrench when the going gets tough.