09/12/2022
Emergencies can happen at any time. Whether man-made, natural, or health-related, here are four tips for being financially prepared:
1. Make a budget. A budget is simply a plan for how you will use your money. Begin with your income, and then build a plan for where your money goes, like savings, food, housing, transportation, and so on.
2. Once you have a budget, adhere to it. It can be hard to stick to your budget, and it is OK if things don’t go perfectly. Learn from those moments, and do your best.
3. Spend less money than you make. This is key to financial stability. It may mean that you need to look at your expenses and decide where you should spend less. It could also mean that you need to look at ways to increase your income.
4. Save and budget for unexpected expenses. Plan to have a few months of money set aside in case of an emergency or if you lose your job or livelihood. Planning for the unexpected can help you feel less panicked when tough financial situations arise.
Learn more about being financially prepared here: https://www.churchofjesuschrist.org/life/tips-for-being-financially-prepared
