How to Survive a Recession

A three part series over budgeting principles following the 50, 30, 20 method. The 50/30/20 budget rule is a simple way to budget that doesn’t involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt. A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term. What should you do in a recession? You aren’t alone: Some 74% of U.S. consumers are concerned about a recession, according to a new survey from Empower and Personal Capital. Whether a recession is near, or a bit further away, here’s what you can do to prepare: Update your resume Reduce expenses Bulk up your emergency fund Pay down debt Stay invested Reserve your spot in this upcoming webinar series for FREE today! bweal.org