10 Ways to Weather a Recession 

Many of the nation’s leading economists are beginning to come to an agreement that the country is heading toward a recession. This week we will look at 10 things you should be doing now to help your family weather a recession.  

1. Create a budget and stick to it – Take the time to create a detailed budget and track your spending. This will help you identify areas where you can cut back and save money during a recession. 

2. Increase your emergency fund – It is important to have an emergency fund in place in case of unexpected expenses. Aim to save at least three to six months’ worth of living expenses in case of job loss or other financial hardship. 

3. Invest in yourself – Use the recession to invest in yourself and your career. Take classes, network, and update your skills so that you are prepared to take advantage of opportunities when the economy picks up. 

4. Take advantage of low-interest rates – If you have any outstanding debt, now is a great time to refinance and take advantage of lower interest rates. 

5. Utilize side hustles – Consider taking on a side hustle to supplement your income. This could be anything from freelancing to delivering groceries. 

6. Negotiate for a raise – If you’re able to work remotely, consider asking your employer for a raise. 

7. Cut back on expenses – Look for ways to cut back on expenses and save money. This could be anything from canceling subscriptions to switching to a cheaper cell phone plan. 

8. Invest for the long-term – Investing in the stock market can be a great way to build wealth over time. Consider investing in index funds and other long-term investments for the best returns. 

9. Spend money on experiences – Recessions can be a great time to take advantage of discounted experiences. Look for deals on travel, entertainment, and other experiences that you can enjoy with friends and family. 

10. Look for ways to make money – Consider taking on side jobs or finding creative ways to make money, such as selling items online or renting out a spare room. 

What are your thoughts? We’d love to hear them!