By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
The News GodThe News God
  • Politics
  • News
  • Business & Finance
  • Lifestyle & Health
  • Sports
  • Tech & Autos
  • Home and Garden
  • Other Categories
    • Travel
    • Education
    • Entertainment
    • Law
    • General
Reading: Can You Prepare for Economic Instability?
Share
The News GodThe News God
  • Politics
  • News
  • Business & Finance
  • Lifestyle & Health
  • Sports
  • Tech & Autos
  • Home and Garden
  • Other Categories
Search
  • Politics
  • News
  • Business & Finance
  • Lifestyle & Health
  • Sports
  • Tech & Autos
  • Home and Garden
  • Other Categories
    • Travel
    • Education
    • Entertainment
    • Law
    • General
Follow US
  • Blog
  • Blog
  • Advertise
  • Advertise
The News God > Blog > Business & Finance > Can You Prepare for Economic Instability?
Business & Finance

Can You Prepare for Economic Instability?

Rose Tillerson
Rose Tillerson June 14, 2022
Updated 2022/06/14 at 6:00 AM
Share
4 Min Read
A woman wearing a beige button-up shirt looks at her laptop and takes notes at a counter.
SHARE

The COVID-19 pandemic threw millions of American households into economic instability. People lost their jobs and had to shut their business’s doors. They had to quit to take care of sick relatives and children that couldn’t spend time in school. They had to cancel plans that they poured their finances into, from vacations to wedding ceremonies. Financially, it was a very difficult time.

Contents
Start BudgetingSave MoneyPay Down Credit CardsAsk for More

Exiting the pandemic doesn’t seem like it will be easy on the average American’s finances, either. Financial experts are currently saying that the chances of an economic recession are high in the next year or so.

What can you do to prepare for this potential round of economic instability?

Start Budgeting

If you don’t follow a budget yet, you should start immediately. A budget is an excellent financial tool that can prevent you from spending beyond your means. The easiest way to start is to download a budgeting app on your smartphone or computer. The app will sync with your online banking, making it easy to calculate and track your income and expenses.

Save Money

In times of economic uncertainty, an emergency fund can offer a lot of relief. It can help you stay afloat and pay for essentials in case of job loss or hour cuts. It can also offer relief on a smaller scale. When money is tight, a small problem like a car repair or urgent dental appointment can be devastating. An emergency fund will help you cover these surprise expenses immediately without dismantling your budget.

What can you do without an emergency fund? If you don’t have enough savings, you may only have a few options for covering the urgent expense:

  • You could charge the expense on your credit card.
  • You could see whether the service offers a payment plan. For instance, many plumbing companies offer payment plans for customers who can’t cover emergency repairs right away.
  • You could apply for an emergency online loan.

When it comes to online loans, be sure to check their accessibility. Not every online loan will be available in your home state. So, narrow your search for loans accessible in your state. If you live in Phoenix, you should specifically search for online loans in Arizona – this should pull up options that may be available to residents of that state. You don’t want to waste time filling out an application for a loan that isn’t even accessible in Arizona. That will add more unnecessary stress to an already stressful situation.

Pay Down Credit Cards

Do you have high balances on your credit cards? You should try your best to pay them down as soon as possible. Why? These debts will add financial stress in times of economic instability. Plus, you’ll want to have all of that credit available in emergencies. You can always use your credit card to cover an emergency expense and tackle the balance later.

Ask for More

You could put more savings in your pocket and pay down your debts faster when you have more income. The job market is currently hot. Take advantage of this time and see whether you can get a substantial raise from your employer.

If you can’t get a raise, you might want to look for better prospects. There could be companies in your field offering much higher wages for the same type of work.

More difficult times could be ahead. You should follow these financial tips and get prepared.

You Might Also Like

Most Effective Ways to Market Your Brand Online

Frequently Asked Questions and Answers About Health Insurance

Top 10 Strategies You Can Use to Beat Debt

A Definitive Guide to Die Steuergutschrift Für Forschung Und Entwicklung That Every Business Should Know

How to Save Money When Buying a Home

Rose Tillerson June 14, 2022
Share this Article
Facebook TwitterEmail Print
Share
Previous Article As the days get hotter and the sun is shining in all its summer glory, it's important to protect your skin. Sun protection is key to keeping your skin looking young and healthy. There are key essential items for any summer holiday, including sunscreen. However, finding the right sunscreen can be tricky because of the many options you have to select from. To help you out, here are six top tips on choosing the right sunscreen for you: Peptides For Skin And Body: Using Unnatural To Fortify The Natural!
Next Article Google Reviews ADVANTAGES OF GOOGLE REVIEWS TO A LOCAL BUSINESS
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Stay Connected

235.3k Followers Like
69.1k Followers Follow
11.6k Followers Pin
56.4k Followers Follow
136k Subscribers Subscribe

Latest News

Most Effective Ways to Market Your Brand Online
Most Effective Ways to Market Your Brand Online
Business & Finance June 27, 2022
 A federal judge has halted the implementation of a Louisiana abortion from having an impact.
News June 27, 2022
How the MuchBetter Wallet Works
How the MuchBetter Wallet Works
Tech & Autos June 27, 2022
A black bear dies in Tennessee when it broke into a heated car and became trapped.
News June 27, 2022

You Might also Like

Most Effective Ways to Market Your Brand Online
Business & Finance

Most Effective Ways to Market Your Brand Online

June 27, 2022
Frequently Asked Questions at interviews About Health Insurance
Business & Finance

Frequently Asked Questions and Answers About Health Insurance

June 27, 2022
US Federal Debt And Crisis
Business & Finance

Top 10 Strategies You Can Use to Beat Debt

June 27, 2022
What is Google Analytics And The Benefits For Your Business?
Business & Finance

A Definitive Guide to Die Steuergutschrift Für Forschung Und Entwicklung That Every Business Should Know

June 27, 2022

© 2022 Thenewsgod. All Rights Reserved.

  • About
  • Contact Us
  • Terms of Use & Privacy Policy
  • Advertise
  • Disclaimer

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?