Market Performance: January 4, 2024.

US stocks slid on Wednesday as optimism for fast interest-rate cuts waned amid fresh jobs data and minutes from the latest Federal Reserve meeting showed the timing of rate cuts remains uncertain.

The Dow Jones Industrial Average (^DJI) fell more than 0.7%, or 285 points, while the benchmark S&P 500 (^GSPC) slipped about 0.8%. The Nasdaq Composite (^IXIC) dropped nearly another 1.2% the day after a bruising session that saw tech stocks shed almost 1.6%. Further signs of a cooling US labor market greeted investors on Wednesday.

New data from the Bureau of Labor Statistics showed there were 8.79 million job openings at the end of November, the lowest level since March 2021. Economists surveyed by Bloomberg had expected 8.82 million openings.

Budgeting When You’re Broke: 10 Ways It Can Help

When you’re broke, you may be feeling totally drained and overwhelmed. That’s not on you — neuroscience research shows that when you’re poor, your brain actually sends messages to your body that it should be stressed and afraid.

But it’s imperative to dig yourself out of a bad mental state when you’re broke, because feeling well and able is key to making smart financial decisions. And you can start really small — just by budgeting. Yes, even when you’re broke, you must make and stick to a budget.

And doing so can actually help you get to a more financially stable and happy place.

Here’s a look at how budgeting can help you when you’re broke.

New year, new budget: how to create one for your household

If getting your finances in order is top of mind for the new year, a great place to start is creating a budget. A budget — which, according to Investopedia, "is simply a spending plan that takes into account estimated current and future income and expenses for a specified future time period, usually a year" — can boost your financial life in myriad ways, including by preventing overspending, helping you reach long-term financial goals, and ensuring you're saving enough.

Step one: Figure out your net income 

The first step in making a budget is determining how much money you bring in each month. This of course includes a paycheck from your employer but also any other money you make, such as through a side hustle. It's most helpful to figure out your net income, which, as Better Money Habits explains, is "your take-home pay — total wages or salary minus deductions for taxes and employer-provided programs such as retirement plans and health insurance."

Making a budget may seem like an arduous undertaking. But, as CNBC Select reassures, actually "it's not that difficult to create a budget" — and "once you have one, the bulk of the work is done and you can make minor tweaks as your spending habits or income change."

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