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Money Matters: How to Prepare Your Finances for a Recession

Motherhood Moments

Maliga shares several ways to prepare for a recession: Prepare a bare bones budget. 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.

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Managing Family Finances: Tips and Strategies for a Better Financial Future

Penny Pinchin' Mom

Despite having a strict family budget , some members of my beautiful family still try to find sneaky ways to spend more than is allocated to them at any given time. Of course, budgeting isn’t all about sucking the fun out of everyone’s existence and putting family life on hold. That’s nowhere near enough!

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

Penny Pinchin' Mom

I would recommend that you have at least six months to a year’s worth of your monthly expenses saved in the event of a job loss or an unexpected emergency. It’s a question of how to ensure the gains outweigh the losses. This means you earn more than if you were to source for funds from a third party.

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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 work in Finance/Accounting for a large corporation but I have also started a company called Every Single Dollar , which focuses on personal finance for single women. Simply doing a budget. Definitely a monthly budget – I always create one every month. How much debt did you pay off?