Should You Save Money For a Recession or Pay Off Debt? –

But it’s not here yet. It’s fine being prepared, however, it should not stand in the way of making prudent financial decisions. You never want to make any choice based on worry, and that includes financial ones. In this short video you’ll discover whether you should pay off loans or set aside funds to be prepared for the worst.

If you are in debt, it is a guaranteed thing. A recession is not guaranteed to be a reality. Whatever happens, or not, you’ll nonetheless have to pay the debt. Financial advisors will inform the importance to eliminate your debt as quickly as you can in order to keep from having to pay interest. Make sure you have enough money at your bank account to cover any expenses that arise unexpectedly. In case of emergencies, it’s best to have the equivalent of three months of your pay in the banks. That means you can lose your job for three months , and have no impact. If you’re debt-free and have three months of savings, you will have an euphoria is a reflection of your financial circumstances.


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