Financial planner Jovan Johnson.
During a recession, nothing is more valuable than cash that’s readily available.
I recommend saving for predictable expenses like car repairs or medical expenses.
You’ll also want to pay off and consolidate debt to bring your payments down.
We may not be able to control the state of the economy; however, we can control how prepared we are.
During challenging financial times, cash and liquidity is king. Having easy access to cash during a recession can help you avoid going into serious debt.
No one can predict whether we will enter a recession or if they will experience job loss. However, it is essential to prepare yourself for the possibility.
1. Tighten up your budget
With a potential recession looming, it is a good time to evaluate your budget. Create a list of priorities to determine needs versus wants, keep all your needs on the list, and rank your wants. Plan to keep only your top three to five wants and cut the rest.
2. Save for predictable…
This article was written by [email protected] (Jovan Johnson) and originally published on www.businessinsider.com