Planning for the unplanned financial crisis will help you survive economic setbacks with minimum impact to your financial stability. Here’s how:
- Use a budget and know how much you are spending on a monthly basis.
- Think about the most likely financial crisis that may occur.
- Update your monthly budget to reflect the most likely loss of income or increased expenses.
- Try living on the crisis budget for a month.
- Implement the crisis budget immediately if there is even a hint of the crisis becoming a reality.
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