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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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Meet Jackie. She and Her Husband Paid off $147,000 in Debt | Debt Free Stories

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We also went through multiple job losses, surgeries, huge car repairs, etc. We asked for raises, did work on the side, got better jobs, I started a business, etc. How often do you and your spouse discuss your finances/budget/spending? During those 10 or so years, our incomes were all over the place.

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