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

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Managing Family Finances: Tips and Strategies for a Better Financial Future

Penny Pinchin' Mom

Of course, budgeting isn’t all about sucking the fun out of everyone’s existence and putting family life on hold. By that, I mean you have created a weekly, monthly, and even annual budget, or you’ve taken the time to go through my Financial Reboot Course to give yourself an excellent chance to reign in your finances.

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Small Money Mistakes That Have Big Consequences

Prairie Eco-Thrifter

Of course, this concept is true whether the little things are positive or negative. Not Having an Emergency Fund It is dangerous to spend every cent you earn and not to have buffer against illness, injury, job loss or hard economic times. Make establishing an emergency fund a priority.

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

Family Balance Sheet

We also went through multiple job losses, surgeries, huge car repairs, etc. I needed to count on myself and support my son, and that meant getting my financial life in order, starting with building an emergency fund for the first time. Building an emergency fund also helps enormously. Get creative.

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