Consistently Use A Budget

Book: Make Your Money Recession Proof

Book: Make Your Money Recession Proof

Photo by Carlos Muza on Unsplash

:: Consistently Use A Budget

Not everyone likes to create a budget or use one, but they work!

In a recession, a budget will keep you financially grounded. A budget will also provide complete transparency into your finances and help you establish a healthy and positive relationship with money.

If I were to ask you any of the following questions, would you be able to provide me with a quick answer?

:: How much money have you spent this month?

:: How much money have you saved this month?

:: How much money have invested this year?

:: How much money have you spent on fast food for the last three months?

:: How much money have you spent on non-essentials this month?

:: How much money do you have in your emergency fund (which we will discuss in the next chapter)?

If you have integrated a habit of budgeting in your daily life, then you should know the answers to these questions.

There are many applications you can utilize to help you create a budget if you do not have one. Some people like to use a doc or spreadsheet. Do what makes sense for you, but whatever you do, create and consistently use a budget. You will never regret it.

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