article thumbnail

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. An emergency fund is vital regardless of the larger economic climate.

Recession 100
article thumbnail

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

Family Balance Sheet

Was there a particular event? Because we wanted to get out of debt as fast as possible, we stopped saving money after we had an emergency fund in place. I focus more on the big picture (saving for a house, vacations, emergency fund, etc.) An emergency fund with 6-8 months’ worth of expenses it.

Debt Free 241
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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.” Medical emergencies, car emergencies, or family situations may arise where you need to dip into your emergency fund. Separate Your Wants From Your Needs.

Bank 265
article thumbnail

10 Savvy Ways to Save in 2014

Saving Cents With Sense

Having money automatically go into your account will help you stick to your resolution and save for your future, such as an emergency fund, a child’s college education, or retirement. How about clothes? Enjoy FREE family friendly events. Record all your expenses for one month. What about eating out? Avoid impulse buys.

2014 88
article thumbnail

10 Savvy Ways to Save in the New Year

Saving Cents With Sense

Having money automatically go into your account will help you stick to your resolution and save for your future, such as an emergency fund, a child’s college education, or retirement. How about clothes? Enjoy FREE family friendly events. Record all your expenses for one month. What about eating out? Avoid impulse buys.

article thumbnail

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

Family Balance Sheet

Was there a particular event? This is where we cut out any extra spending, such as personal money and clothing money, as well as trying to cut our grocery budget for the month, and add the money we saved to the debt payment. We are currently working towards fully funding our emergency fund.

Debt 100
article thumbnail

How Krystal and Josh paid off $80k in 4 years!

Family Balance Sheet

Was there a particular event? emergency fund, so we started throwing what little extra we had straight. racks FIRST when shopping for clothes and shoes. selection of clothes at a fraction of the price before the next year. First, we will save our six-month emergency fund. We decided to knock those.

Debt 100