Creating a financial safety net to be your backup in times of crisis is important, but what happens when you encounter that crisis and wipe out that safety net? As important as it is to have that cushion you should also be prepared to start rebuilding your emergency savings account. Start by reviewing overall expenses to scale back where you can until that account is built back up. You can budget for groceries and increase your income, maybe adding a part-time job. Review your spending and prioritize bills by due dates, sticking to a budget. You can get back on your feet after a financial pitfall, but don’t forget to bulk up your backup plan.
Read the entire article here: Best Ways to Create a Safety Net After a Financial Downfall
Powered by Qumana
Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.