How To Prepare For A Recession 13 Tips To Survive A Recession Stay on top of your debt by paying off any credit cards and high interest rate products now when income is flowing and economic conditions are generally still favorable. you should also focus on. Eliminating a handful of these recurring charges could easily reduce your monthly bills by $100 or more. 5. rethink big purchases. money saving tips often focus on eliminating small expenses, such.
How To Prepare For A Recession Top 5 Tips You Need To Know A nice, cushy emergency fund will help you ride out a recession and make the best decisions for you and your family. 5. leave your investments alone. when the stock market is trending down, you might be tempted to sell your mutual funds at a loss and put the money into something safer to weather the storm. 3. pay off high interest debt asap. the last thing you want to deal with during a recession is high interest debt weighing you down. credit card debt should be the first to go. the interest rate. Make your car payment, especially if you need a car to get to work. if you're facing an income reduction, contact your student debt lender and ask for a hardship application, which may buy you a few months where you don't have to make a payment. make at least your minimum payment on your credit card. Keep in mind that your basic living expenses are the essential things you need to survive; food, housing, core utilities, and transportation. building your emergency fund is one of the most important steps when preparing for a recession. 4. diversify your investments.
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