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If you’ve never done a budget or haven’t looked at it in several months, it probably needs a makeover. Make sure it reflects your immediate financial goals, which may have changed. “Look at how you’ve handled money in the past and your cash flow in the past and then assess if certain things are even necessary,” said Harris, author of “Finance ‘n Stilettos – Money Matters for the Well-Heeled Woman.”

“Prioritize what things are necessary now. Some things may not be as necessary as you thought,” she added.

Focus on what you must spend on basic needs as well as long-term plans. “That budget shouldn’t be all about restriction,” said Emily Shallal, senior director of customer strategy and innovation at Ally Bank. “It’s a tool to help you make financial decisions so you can be more confident and satisfied with your money.” 

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Try the “60% Solution.” Put 60% of your gross income to “committed expenses” — that includes all of your taxes, housing costs, transportation expenses, debt payments, childcare and any expense that you must pay every month. Divide the rest of your “spending” this way and pay yourself. Put 20% of your gross income toward long-term savings (including college and retirement savings), 10% to short-term savings (including your emergency fund) and 10% to “fun money” to use on anything that you’d like.