Here Are a Few Ways To Navigate an Economic Recession
- 2 years ago
As many forecast the United States' economy sliding into recession, what can you do to prepare for it?
Here are a few ways to navigate the financial instability of an economic recession.
Create a Plan: Experts say, if possible, maintain control of your life by staying on top of your finances.
Write a proper budget, create a savings or investing plan, and make goals for earning more.
Be Frugal: To achieve financial stability, start by spending less. Track your current expenses and cut spending where you can.
Plan your meals instead of dining out, cancel subscriptions you don't use, and avoid shopping unnecessarily.
Savings: A report from the U.S. Federal Reserve in 2019 found nearly 40% of Americans wouldn't be able to pay for an unexpected $400 expense. Experts say if you don't have one, start an emergency fund.
An emergency fund of $1,000 is a good place to start, but experts say to aim for three months of regular wages.
Here are a few ways to navigate the financial instability of an economic recession.
Create a Plan: Experts say, if possible, maintain control of your life by staying on top of your finances.
Write a proper budget, create a savings or investing plan, and make goals for earning more.
Be Frugal: To achieve financial stability, start by spending less. Track your current expenses and cut spending where you can.
Plan your meals instead of dining out, cancel subscriptions you don't use, and avoid shopping unnecessarily.
Savings: A report from the U.S. Federal Reserve in 2019 found nearly 40% of Americans wouldn't be able to pay for an unexpected $400 expense. Experts say if you don't have one, start an emergency fund.
An emergency fund of $1,000 is a good place to start, but experts say to aim for three months of regular wages.