First Step to creating a recession proof budget

Budgets are an essential part of having and maintaining organized and strong finances. Budgets are also the difference between staying ahead of global recessions and going broke.

According to Statista Research Department, by March 2024, there is a 57.77% chance that the United States will fall into another recession.

Are you prepared? Are you ready for another pandemic like year?

The first step in creating a recession proof budget is simple:

Identify Your Expenses.

Identifying your expenses creates a level of awareness that you may not have right now. You should be able to answer questions such as:

1. What am I spending my money on?

2. How much money did I spend this month on… food… subscriptions etc.

Once you identify EVERY-SINGLE-EXPENSE, you reflect on what your monthly income is and understand better what you and your household can actually afford. Ask yourself, are your expenses more than your monthly income?

As you identify your expenses a few things will happen:

1. You’ll learn how much you are actually paying out every month.

2. You’ll identify items that you can cancel.

3. You may find out that you’ve been robbing Peter to pay Paul.

This is an easy first step — don’t procrastinate!

Find out what you’re spending your money on NOW!

Purchase an Elite Financial Notebook to track notes and expenses.

-AP