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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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Where we found money in April

Family Balance Sheet

I have used the extra money to pay off debt, fund family trips, or build up our Christmas savings. Years ago during our Debt Freedom Plan, I avoided using credit cards, not because we had credit card debt, but I was trying to limit our overall spending. Yep, I found a $20 bill while running on the beach!

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

Family Balance Sheet

We put any extra money that would come in toward our debt. What are your top 3 – 5 tips for saving money/pinching pennies to put towards paying off your debt. Make paying off debt a priority. If you’re going to get serious about becoming debt free, you have to make that your first priority.

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Start Planning and Budgeting for Summer TODAY!

Family Balance Sheet

Include everything from weekend trips to longer vacations, yard/garden projects, home renovations, kids’ camps, gear and clothing, and any other summer expense you might have. They’re all designed to help you save money, pay off debt, and achieve your financial goals, so please take advantage of them.

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

Family Balance Sheet

We had tried other methods in the past, but found this one suited us best since it forced us to focus on one goal at a time, rather than trying to do it all (pay off debt and contribute to savings and retirement). What are the top 3 – 5 ways you found money to put towards debt.

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

Family Balance Sheet

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? Was there something that you gave up that you will go back to now that you are debt free? To pay off our home early. How often do you and your spouse discuss your finances/budget/spending?

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How to Achieve Your Financial Goals (tips from the achievers)

Family Balance Sheet

Instead of writing, “I want to pay off debt” or “I don’t want to live paycheck to paycheck”, commit to “I want to pay off $X of credit card debt in 201X and I will stop using credit cards from this point forward.” ” Pay off Debt. S = Be SPECIFIC. Save for emergencies.