Five Steps to Recession-Proof Your Finances

How is a storm like a recession? A little preparation goes a long way.

At Verve, we have the tools and resources to help you weather the financial storms in life. Whatever your needs, we are here to help you set goals, gain confidence and stress less about money.

Five Steps to Recession-Proof Your Finances

1. Schedule a meeting with a Verve Financial Coach.

If you don’t know where to begin, start here. Our friendly and knowledgeable Financial Coaches are equipped with the tools and training to help you take charge of your finances. You can chat by phone, video or in person—whatever is convenient for you. A Verve Financial Coach will assess your financial health, help you set goals and create an action plan to build on the areas where you excel and strengthen the areas where you struggle.

2. Create a monthly budget and stick to it.

The goal is to ensure your income surpasses your expenses. To achieve that goal, it is important to be aware of the accumulation of small purchases and the disruption to your budget caused by unexpected expenses. Use our budget worksheet to help keep track of all your monthly expenses.

If you’re living beyond your budget, you’ll be able to scrutinize frivolous expenses that you can cut down or out. If you’re living within your budget, it might be a good time to consider how to save or spend the excess wisely.

3. Build your emergency fund.

Our Financial Coaches can help you determine what size emergency fund will fit your needs and work with you wherever your starting line may be. If the idea of setting aside thousands of dollars for an emergency fund feels impossible, we can assist you in breaking it down, creating a plan and gradually building it up with each paycheck. It helps if you’ve already created a monthly budget and are sticking with it. You’ll see your emergency fund grow from $0 to $250 to $500 to $1,000 and beyond.

If you already have an emergency fund, our Financial Coaches will help you find a savings option to fit your needs.

4. Tackle high-interest rate debt.

Our Financial Coaches can help you find ways to consolidate and pay down high-interest-rate debt.

5. Invest in your wellbeing.

Wellbeing extends beyond physical fitness and healthy eating according to Gallup. It’s about how your life is going; it encompasses all the ways you experience life and all the things that give your life meaning. They pinpoint five common elements that we all need to thrive.

1. Career Wellbeing. You like what you do every day.
2. Social Wellbeing. You have meaningful friendships in your life.
3. Financial Wellbeing. You manage your money well.
4. Physical Wellbeing. You have the energy to get things done.
5. Community Wellbeing. You like where you live.

You don’t have to break the bank to take care of your wellbeing. It’s financially prudent to be attentive to your own needs.

That’s it. Five steps.

Get started today and build a solid foundation on which to grow your personal wealth, and with it, your peace of mind. Be mindful and proactive. Just like storms, adverse economic conditions can emerge irrespective of your preparedness. Choose to be prepared.