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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

Create an Emergency Fund Let’s talk personal finances— $8,883 —that’s how much American households have in terms of emergency funds on average. The ideal scenario is that your emergency fund should look to cover at least six months of all your monthly household expenses should you suddenly lose your income.

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The Age Old Question: Should You Pay Off Debt or Save?

Penny Pinchin' Mom

If there is such a clause, you should compare the amount payable to what you are about to save from interest to determine if paying off the debt is an overall gain or loss. Advantages of Saving Despite Debts Building an Emergency Fund Building an emergency savings fund is the top reason to make saving a priority over paying down debt.

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Are You Prepared For An Emergency?

Prairie Eco-Thrifter

You never know when an emergency will arise. This emergency might be one related to a natural disaster, or it might be a financial emergency, such as a job loss. In some cases, you might experience a financial emergency at the same time that you experience a natural disaster.

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Small Money Mistakes That Have Big Consequences

Prairie Eco-Thrifter

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. Ignoring Your Debt Debt is not just going to go away, you must handle it and work to whittle it away.

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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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