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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. Prepare by paying off debt. Prepare for the unexpected.

Recession 100
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Why You Should Be Skeptical of Financial “Rules of Thumb”

Prairie Eco-Thrifter

If you lose your job, or encounter another financial setback, 30% of your income might be too much to handle for a mortgage payment — especially if you have other debt. And what happens when you add in property taxes, utility, home insurance, and maintenance? Markets and economic conditions change as well.

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Find out how Jessica paid off $56,000 of student loans, credit cards, and a car loan.

Family Balance Sheet

I had planned to pay it all off in 2.5 It took me five years to pay off my debt but two of those years I had a job loss, I was taking care of my grandparents and I had lost my motivation and drive to pay off the debt. What inspired you to get debt free?