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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.

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Meet Doug & Laura. They Paid off $23,000 in 16 Months. | Debt Free Stories

Family Balance Sheet

We paid off just over $23,000 in one year and four months. The debt consisted of my student loans and a car loan. What inspired you to get debt free? Was there a particular event? When my wife and I got married, we both made the decision that our first financial priority would be becoming debt free.

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How Angela & Jeff paid off $58,000 of Debt in 2 Years

Family Balance Sheet

Other than the student loans, everything else was consumer debt from 13 years of trying to “keep up with the Jones’ “ We finally managed to get the debt paid off two years and two weeks from the time we started this journey. What inspired you to become debt free? Was there a particular event?

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How to Start a Budget (and be successful at it!)

Family Balance Sheet

I came up with strategies to help us pay for yearly bills, large expenses, and we were able to pay off debts. Write down any events/holidays/activities that will require funds for the month that you are planning, along with a projection of what you’ll need. Some of the numbers will be on your calendar.

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Find out how Lydia & her Husband Paid off $36,000 in Debt in 2 Years

Family Balance Sheet

We paid off $36,000 in student loans, credit cards, cars and a bit of medical debt. What inspired you to get debt free? Was there a particular event? So I take the clothing or grocery budget and stretch it as far as I can. How did you celebrate when you became debt free? To pay off our home early.

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Meet Carrie. She Paid Off $14,000 in Debt in 14 Months.

Family Balance Sheet

I was only bringing home a net income of $3,000 a month, so paying $1,000 each month towards my debt was a lot of money, and took a lot of sacrificing. What inspired you to get debt free? Was there a particular event? The main event that catapulted me into wanting to be debt free, was the lowest point in my life to-date.

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

Family Balance Sheet

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? Was there a particular event? How did you celebrate when you became debt free?