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Money Matters: How to Prepare Your Finances for a Recession

Motherhood Moments

Prepare ahead of time and create a bare bones budget that includes only your essentials — think food, shelter, clothes, transportation and insurance — so you have a plan in the event that you experience a loss of income or need to cut expenses suddenly. An emergency fund is vital regardless of the larger economic climate.

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

Penny Pinchin' Mom

Drawbacks of Paying Off Debt With Limited Resources As unbelievable as it might be, paying off your debts has some disadvantages. If there is such a clause, you should compare the amount payable to what you are about to save from interest to determine if paying off the debt is an overall gain or loss.