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Money Matters: How to Prepare Your Finances for a Recession

Motherhood Moments

As Americans assess their financial situations following a challenging year, several economic signs — including continued high interest rates and lingering inflation — are still warning of a possible recession sometime in 2023. An emergency fund is vital regardless of the larger economic climate. Prepare for the unexpected.

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Why You Should Be Skeptical of Financial “Rules of Thumb”

Prairie Eco-Thrifter

What if you estimate your retirement based on how much you are able to save, but a job loss means you can’t set aside money anymore, plus you lose your employer match? Markets and economic conditions change as well. Economic conditions might lead to greater inflation than expected. The costs really start to add up.

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Small Money Mistakes That Have Big Consequences

Prairie Eco-Thrifter

Not Having an Emergency Fund It is dangerous to spend every cent you earn and not to have buffer against illness, injury, job loss or hard economic times. Not Being Properly Insured You are the wage-earner, the care-giver, the home-maker, whichever of these titles you hold. Make establishing an emergency fund a priority.

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