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Money Saving
Saving money in a bad economy
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[QUOTE="Mellorando, post: 206320, member: 37973"] Having emergency savings when a recession hits could help you pay for essential purchases if you lose your job or your work hours are reduced. If you already have enough money socked away to live on for six months, it doesn't hurt to put away more than that if you can afford to. One of the biggest risks consumers face during a recession is a loss of income. Unfortunately, there is no way to predict whether you'll lose your job or if your income will otherwise be impacted by an economic downturn. By diversifying your income, you can insulate yourself from potential risk should your main source of income be taken away. To create a new stream of income, consider finding a side hustle, or something you can do easily in your spare time to earn extra money. Consider food or package delivery, tutoring, child care or other jobs suited to your skills and availability. Different streams of income will not only protect you should an emergency occur, but they could help you beef up savings and pay down debt now. The lower your total debt balance, and the more you have in savings, the better off you will be should a recession hit. If you budget your money and know you can save even $50 a week, don’t let that money tempt you by sitting in your checking account until you manually move it into savings. Find a bank that offers a great interest rate on your savings and then set your account up where it automatically takes the $50 from your checking and moves it into savings every week. [/QUOTE]
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