How to Recession-Proof Your Life You may have heard recently that rising inflation; interest rates and housing costs are all signs of an incoming recession. Based on a study from a MagnifyMonkey survey, more than two-thirds of Americans don’t feel prepared for another recession. Take a moment to read this email and learn how to ease financial strain on your budget and protect your savings. First, you may ask, “what’s a recession?” A recession is a significant decline in general economic activity that spreads and lasts more than a few months. So, what can you do to prepare or stabilize your funds? Understand your expenses. Examine and assess your current financials. This can give you insight into where you spend your money. Stick to a budget. Create a budget to give you a visual representation of where you can spend your money once you have paid all your necessary expenses. Live within your means. Recession or not, it’s crucial to make living within your means a habit. Adopting this lifestyle can keep you from getting into debt and better position you for the changes that may come in life. Switch up your groceries. Next time you go to the grocery store, have a meal plan with you and shop generic rather than brand name, or purchase in bulk. If you are an impulse buyer, order online. Save as you can. Prices increase every day. Consider planning for that in your budget. Pay down debt. Consolidate your loans and pay them down as much as you can. If you have credit card debt, begin to pay that off to avoid increasing interest rates. Ensure proper insurance coverage.
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