Friday, January 25, 2008

Frugal Friday - Recession Ready

It seems that every time I turn on the news these days there are warnings of recession in our country. I did a quick search to see what one should do to prepare for a recession and these are the 4 major things:

1. Build an emergency savings account. This should contain funds equivalent to 3 to 6 months income or living expenses.

2. Pay off debt.

3. Have a disaster plan.

4. Have an alternate income source.

I don't think this list is anything new. We know that we should do these things anyway. We just need to be reminded to consistently work toward these goals.

The good news is that if you have been participating in and/or reading Frugal Friday tips you are already well on the way to being prepared for a recession and have some skills under your belt if things get bad at your house.

The other good news is that if we have a recession, it is predicted to be a light one and short lived. We'll see!

The one thing I didn't find when doing my "recession ready search", Do your best to be prepared, pray and Trust God to take care of the rest.

For more Frugal Friday Tips to to Biblical Womanhood.

6 comments:

Pen Pen said...

Amen, sister. God is truly in control, not our government like so many people think! I agree that we should always be prepared for emergencies.

Martha A. said...

Well, since that is not possible for most people to do right off, alternate income source like another job? A way to make money from self employment?

Blue Sky said...

VERY GOOD TIPS!!! :)

Lyn said...

It almost seems as if we are there already with how the economy has been - except no one has been willing to use the "R" word until very recently.

My dh and I have been working on our plan for awhile now, but sometimes even one's plan gets obliterated. Now we are going to do our best and trust God with the rest, just like you said.

Abbi said...

I think it would be very interesting if there were a reccesion. It might help a lot of people to get their prioritys straight. Hardship often seems to cause people to seek God which is wonderful as He is the only answer. Hardships also cause us to use our brains and be creative.

I really enjoy reading about the Great Depression and seeing how so many people were able to make do and have wonderful memories of that time of great hardship.

thediaperdiaries said...

I am amazed by the amount of people who don't have an emergency fund. I love that if something happened to my hubbies job we wouldn't have to touch the credit card.

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