Consider giving up on expenses like Netflix, video game memberships or other monthly subscriptions. Make your meals at home instead of eating out. You may even consider downgrading to a smaller apartment or house, Rose said.
"You have to start living lean and mean," he said.
For your business, there are many relatively easy cost-cutting measures. Start bargaining with vendors, get rid of unnecessary subscriptions, reduce power consumption in the office by switching to energy-saving bulbs or cut down on employee perks like free lunches.
One popular financial blogger, who goes by the name "J. Money," saved hundreds of dollars by just picking up the phone. (J. Money does not want his true identity revealed, citing the fact that he posts all of his personal financial information, including his net worth, online.)
"I went through all my bills that are monthly recurring and either bargained my price down or switched to cheaper services, like for my phone carrier. That alone saved me more than $100 every month moving forward," the author of the blog BudgetsAreSexy.com said. "I like recurring savings."