When It Comes To Tough Financial Times, How Prepared Is Montana?
I don't know if you've noticed, but a whole lot of "experts" are throwing around the "R" word when it comes to our nation's financial outlook.
Some folks understand the markets backward and forwards, while most of us aren't as skilled, and might have some questions regarding a recession. It can certainly be confusing and cause some real anxiety when you're wondering what's going to happen with the economy.
What happens if you lose your job? How will you pay for your home or apartment? What about insurance? There are several things that could certainly keep folks up at night tossing and turning.
When it comes to a recession, certain states are stronger than others. There are several factors, but so much of it depends on the main industries in each state. Take our friends to the east of us. Both North Dakota and Minnesota are in the Top 3 list for recession-proof states, so where do we rank here in Montana?
It's not good.
According to Merchant Maverick, Montana ranks 35th when it comes to states likely to survive the next recession. While, that might seem hard to believe if you're living in one of Montana's boom towns, keep in mind that a few of those towns rely heavily on tourism, which is always affected by a recession.
So what are some things that Montanans can do to prepare for a possible recession?
Time has a list that folks should do if they want to prepare for tough financial times ahead. Here's what they say are the top priorities:
- Focus on budgeting and building an emergency fund
- Prioritize paying off high-interest debt
- Update your resume
- Get creative with saving
- If you have money to invest, be smart about it
Of course, there are several other things you can do to save money. Simple choices like not eating out as much, making your coffee at home a couple of days a week, or even having a small garden can save you big money in the long run.
The good news is that many Montanans are smart and ready when it comes to being prepared. Whether it's something man-made or a natural disaster, Montanas are as tough as they come.