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Money Matters: How to Prepare Your Finances for a Recession

Motherhood Moments

An emergency fund is vital regardless of the larger economic climate. Assess your emergency savings today and explore ways to bolster them through possible side hustles or gig work. Generally, you want to aim for an emergency fund of three to six months of expenses. Prepare for the unexpected.

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Over 40 and Worried about Money? Start here!

Family Balance Sheet

But for our own safety net, we must make our finances a priority. It’s hard to change and improve your finances if you have no idea where you currently stand. Use my Family Balance Sheet excel spreadsheet to help you organize your finances. Although I have not personally used this resource. ” I hear you.

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Money Matters - How to Build Healthy Financial Habits and Prevent Future Debt

Motherhood Moments

Source : freepik.com Managing finances can be an incredibly stressful and overwhelming endeavor. Emergencies do happen, so it's essential to have a savings cushion to fall back on when unexpected expenses pop up. Automating your savings towards an emergency fund makes this process easier and less painful.

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The Age Old Question: Should You Pay Off Debt or Save?

Penny Pinchin' Mom

You are one emergency short of losing track of your finances. Drawbacks of Paying Off Debt With Limited Resources As unbelievable as it might be, paying off your debts has some disadvantages. Even a small cushion of emergency savings can stop you from sinking further into debt when you are hit with an unexpected expense.

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Which Insurance Policies Should You Absolutely Have?

Prairie Eco-Thrifter

Insurance helps you manage your finances. After all, one hospital visit could push your finances over the edge. Life insurance can provide you peace of mind when you are concerned about your family, and what is likely to happen to the finances later. ” The same is true of a car. Another option is to self insure.

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How to Make Your Budget Work for You

Prairie Eco-Thrifter

Before I spend my financial resources, I ask whether or not the expense is important, and whether it reflects my core values. In fact, if you identify your values, and use them to direct your finances, you are more likely to stick with a spending plan and feel better about your financial situation at the same time. must be paid.

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What Money Advice Would You Give Yourself If You Could Go Back in Time

Prairie Eco-Thrifter

However, I wasn’t maximizing my resources. I opened a retirement account during that period, but it involved a managed fund with a 2% annual fee. I wasn’t doing anything wrong back then; my family lived within our means, we had an emergency fund, and we were saving for retirement and our son’s college costs.

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