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Photo of Beehive Money Expert Mary Hurlburt

Plan for Financial Distress

My husband and I are trendsetters. We lost our business and our income 15 years ago—long before the current economy made everyone fear this would happen to them. The biggest lesson we learned was that the loss of money isn’t nearly as distressing as the loss of control.

These five financial basics put us in control again in spite of our reduced income: 
  • Develop a budget and stick to it! A budget is our plan for the future. Don’t even know how to start? Check out the Beehive’s Budget section where you can find out not only how to create a budget, but how to stick to it, too. 
  • Save three to six months of living expenses for those tough times. If possible, save even more. Even in an ideal world, it takes three months to find a job if you lose your job. Need help saving? Go
  • Track ALL your expenses. Write down every penny you spend every single day so you know exactly where you spend it. Then decide if that’s really where you want your money to go. 
  • Reduce credit card debt. Consider current balances “loans” that have to be repaid. Charge no more than what you can pay off each month. 
  • Create a crisis budget. Take a look at current expenses and choose those that you can reduce or eliminate in a time of financial crisis. 
With these basics in place, you can plan for your future no matter what it holds.


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