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Step-by-step guide to creating
a strong financial foundation
during an economic downturn.
By Joseph Guinto
Back to
Budget
Basics
T
here's an adage in financial planning circles that goes like
this: "The best time to make a budget is yesterday. The
second-best time is today."
The "today" most of us find ourselves in is a day darkened by a
devastating global pandemic and a historic economic downturn.
In that kind of uneasy environment, making a plan for saving
smartly and spending wisely is crucial. If you didn't create that plan
yesterday, you can make this your "today" by following these six
rules for budgeting during a downturn.
Rule No. 1: Start with an inventory.
"It's hard to figure out how you can save money if you don't know
where you're actually spending money to begin with," said Stefanie
O'Connell Rodriguez, a personal finance author in New York.
