The recent rapid escalation of journal prices and the decline in purchasing power of the acquisitions dollar have required academic librarians to put into practice drastic short term measures to balance budgets and pay invoices. One library’s experience is cited to give examples of short term measures which can be put into effect quickly to handle shortfalls or overencumbrances. Budget balancing reductions must be monitored and integrated into long term financial plans and revised collection development strategies. The acquisitions librarian must be prepared to make operational modifications and develop the ability to forecast the effects of external and internal changes on the library’s resources budget and its services while the collection development librarian must change the criteria and course of acquisitions strategy.