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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. In a recession, you’ll likely cut back on unnecessary expenses. Thanks for reading!

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Stay the Course Financially

Prairie Eco-Thrifter

’ While there is some macro economic sense in consumer spending causing an impact on the country’s growth, it doesn’t necessarily play well at the individual consumer finance level. Why stay the course? To be financially free, you have to stay the course financially. How to stay the course.

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Redefining Moderation.

Prairie Eco-Thrifter

And of course making sure I run the next day to burn off the extra indulgence. I’ve also found the concept of redefining moderation to be applicable to my finances. From weight loss to finance- mastering moderation can be a life-changing lesson. Again, redefining moderation. So change it up and start with the big picture.

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Saving Your Pennies For A Rainy Day

Prairie Eco-Thrifter

Your needs are crucial, and include things like food, water, clothes, transportation, etc. But wait a minute, you might be thinking “Jeans are clothing.” Over the course of a year, it is possible to save up a couple of hundred dollars, just by saving your change! Separate Your Wants From Your Needs. Nope, not a necessity either.

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How To Haggle For A Bargain

Prairie Eco-Thrifter

To assume otherwise is going to cost you a lot of money over the course of your lifetime. This works really well in clothing stores, as well as home improvement warehouses like The Home Depot and Lowe’s. Hopefully this advice can help you save some money as well and turn the art of haggling into a habit. Look For Imperfect Items.

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Avoid These Financial Mistakes with Your Kids

Prairie Eco-Thrifter

Agree on the values and expectations you want your children to have in the area of personal finance and consistently teach and enforce those between the two of you (and clue in any significant others in your family such as aunts, uncles, grandparents and etc). Sometimes that is not the best course of action. Bailing them out.

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Are You Letting Your Luxuries Become Needs?

Prairie Eco-Thrifter

One of the fundamental principles of savvy finances is understanding the difference between needs and wants. The reality, of course, is that paying the monthly charges — not to mention buying the phone in the first place — is somewhat expensive. Unfortunately, it’s all too easy to let luxuries become needs.

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