Welcome to the Learn Now or Pay Later financial
wellness series, brought to you by Cambridge Credit Counseling. We’re hoping to provide you with a better
understanding of the financial challenges that confront you each day. Through education and advice, you can build
a strong financial future Cambridge can help. Donnie Moorhouse with Thom Fox and topic today
is recessions. Obviously a fact of modern-day living, economic
downturn, anything that I can do, any financial moves I can make during an economic downturn? Yeah, there’s actually some moves you can
take before recession even hits but more importantly when you’re in a recession you want to really
live within your means. You can do this beforehand, by all means when
you’re in the middle of a recession is you want to basically keep your spending where
you’re spending needs to be. Also, what you want to do is you want to create
a financial cushion before recession even hits. That’s if you’re single you want to put three
months of your expenses to the side in an emergency fund, if you’re married though and
you have a family you want to keep closer to six months in the emergency fund. Now, what if I don’t have enough of a cushion? There are some changes that you can make,
first of all you can go to your human resources department and try to reduce your 401k contributions. We don’t really recommend touching your 401k
but again if you have to get this cushion in place you’re going to make some moves. You also want to talk to your human resource
department to look how your taxes are being filed, your deductions that you were taking
off. You want to make sure you can change them
around, the average American gets in tax rebate of two thousand dollars. That’s money that can be working a harder
for you as opposed to the government. Very good, thank you for that information,
thank you for watching. To learn more about this topic, or to receive
personalized advice from a certified credit counselor contact Cambridge today.

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