How to Prepare for A Recession

Recessions are scary, and a lot can go wrong during them; job losses, loss of income, drop in the stock market and slowed or negative economic growth. Oh My!

The 5 Main Things About Preparing For A Recession

Paying Off Debt

freeing up credit lines will help in case of an unexpected expense when cash flow is tight. Tackling debts now will provide more breathing room later.

Building Up Emergency Funds (EF)

One of the best pieces of advice is to build or add to an EF worth at least 3 to 12 months of expenses.  This is cash savings meant to pay for basic expenses during a job or income loss.

Keep Calm And Carry On Investing

Don’t sell, don’t buy, just hold tight. It’s really important to take control and fight the “flight” urge.

Track, Budget, Cut, Save

Tracking spending, creating a budget, and cutting extra expenses can funnel money into savings and debt repayments.

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