Change Maker by Compass Catholic Ministries

What is a CRISIS BUDGET and When do I Use it?

March 14, 2018

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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