(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. I’m Jessica.
(John) And I’m John.
(Jessica) And today we’re talking about how to prepare your finances for a recession.
(John) Yeah, you know there are four important steps to help you prepare. Step one, don’t panic. Be aware of possibilities, but focus on the things you can control.
(Jessica) That’s right. Step two, dig into where your finances stand. Review any investments, savings, your emergency fund, income, and any debt.
(John) That’s right. Now, step three is you want to take a look at your budget and see where you can increase your savings. Extra padding to your finances will always be helpful in the long run.
(Jessica) Step four, pay off debt. Fewer obligations make weathering a recession easier.
(John) Whether or not a recession occurs, it never hurts to be prepared.
(Jessica) We’ll see you next time on Money Matters. And remember, Financial Wellness starts here!Share