Today’s Personal Finance Friday post is a quick round-up of personal finance articles you should read. I wanted to help increase your knowledge of the current economic climate and give you food for thought.
For day two of blogtober I’ve linked specific articles, but searching the terms and forming your own conclusion is always a good idea.
THE K-SHAPED VS V-SHAPED RECOVERY
If you watched the “debate” earlier in the week you may have found yourself asking what the heck a K-shaped recovery is. So did I!
Here are a couple of helpful articles to help you understand what both look like.
Here is a Newsweek article discussing the difference between the two. It also includes input from some experts on the economy.
Another interesting article from Business Insider leans more toward the K-shaped recession. It’s definitely an interesting read.
THE ROLE OF THE EMERGENCY FUND IS EVEN MORE IMPORTANT NOW
If you’ve been on a Life on a Dime before, you know that I highly recommend having an emergency fund in place. This is even more important now in light of the effect COVID-19 has had on our economy.
Here are some articles you need to read emphasizing just how important it is to have that emergency fund.
A recent Forbes article bluntly states that you shouldn’t live without. I couldn’t agree more.
Not sure how to to get started on your emergency fund? Need tips on how to help fund it? A Life on a Dime can help you with that!
Watch the video below for information on how to determine how much you need to set aside for your emergency fund.
If you’re not sure how to fund this account, check out these side hustle and savings tips from the blog.
IF YOU’RE NOT ON A BUDGET, YOU NEED ONE ASAP
According to this Money Fit article, the impact of the coronavirus is bound to be felt by every household. If you’re not already living on a budget, with a good idea of your monthly fixed expenses, you’re sure to feel that impact even more.
Getting on a budget is pretty simple! Check out this eight-minute video on how to get started (seriously, just eight minutes) with your budget and be on your way to a more stable financial footing. It’s the first step in the right direction.
DON’T STOP WITH THESE FOUR ARTICLES!
These are just a starting point to help better understand where we may be at now with the economy. If you have questions simply keep searching until you have a more complete understanding.
I want to try to continue to expand my understand of the way things work and how I need to adjust in order to make sure my household is in as good a financial position as possible.
If you’re in need of some more assistance with your personal budget check out the budget coaching services page for more information on how a Life on a Dime can help you.
I’ll be back Monday to talk about minimalism, one of my favorite subjects! Have a great weekend!
These are some great articles to help people start making steps forward in their financial well-being. I think the current global situation has reminded us of the importance of having an emergency fund in place. Especially with the large number of people who found themselves laid off or awaiting the reopening of their place of business. I know that we DEFINITELY noticed a few places where we could do a better job when it comes to our financial plan.