I know you're for sure aware of the recession that's coming, and like everyone else, you're concerned how that can impact your finances. Here are four ways you can protect yourself when it comes:
But first...Hi, my name is Tunde, and I write about personal finances on my blog dunet83.co.
Here are the four ways to recession-proof your finances:
1. Cutting Expenses: Since you're already going to be taking a loss in a recession, get ahead of it and decide how you're going to take your loss rather than letting the economy dictate it to you. Look for ways to reduce your expenses, like getting cheaper insurance or groceries, canceling subscriptions you don't use, or negotiating lower rates on bills. Because the recession is going to reduce your spending power, and it's better to pay little than nothing at all, you therefore have some leverage with which to negotiate your bills.
2. Building an Emergency Fund: Having at least 3-6 months of living expenses saved up in an easily accessible account can help you cover unexpected expenses or job loss during a recession.
3. Be fire-proof: If you're currently working, upskill, network, and find ways to make yourself indispensable to your employer. This will make you resistant to any potential layoff or job loss you may face.
4. Invest in Your Education: Investing in your education will help you stay relevant in the job market and improve your earning potential. Take courses, attend workshops or conferences, or pursue a degree or certification in a field with high demand.
And if you want to do more than just protect your finances from the recession and want to build wealth, or want to grow the wealth you may already have, check out my blog, dunet83.co, where I show you exactly how.
Cheers,
Tunde
Dunet83.co
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