How Do You Prepare For A Recession?
With these tough economic times it can play dividends to brace your self for tough times ahead. Follow these steps to prepare for a recession. Step 1 Cash and therefore a job is king. As long as you or your family are earning the same amount of money as you normally do then the effects of the recession should be negligible to you personally. The key is in finding the job with stability that will not be affected by the downturn in the economy. Step 2 The more at risk you feel you job is in, then the more you need to start preparing. Start saving cash and reducing debt. Go into ‘lockdown’ as far as unnecessary luxuries, eat in at home instead of going out for food. The more expenditure you can reduce while you are working and so save away will mean the longer you can last when not working. Step 3 Your goal should be to save at least 6 full months of living expenses, these can be used if you do find yourself out of work and having to pay bills while looking for a new income. Step 4 Don’t
