muscle wastage

hi. im In need of some serious help. i have been training on and off for 10years
i came back strong about 6months ago. now i have an extremely tight budget
what i want to know is will i lose fat and get ripped if i cut down on carbs but also protein
as i am on a tight budget..... how much muscle wil i lose if i cut the protein aswel.

what does your current diet look like?

The more you cut your protein, the more muscle you will lose particulary on a caloric deficit.