Worried about a recession? No one knows exactly when one could hit, but history tells us we can expect more in our lifetime.
A recession is marked by job losses, which leads to less income and a greater reliance on credit cards. Some people sell off their investments, which drives down stock prices.
You need to keep tabs on your spending, so you know where your money is going. And if you’re overspending, looking for ways to cut back.
It’s not sexy, but an emergency fund gives you security. Here’s the thing: Unexpected expenses ARE going to come up. In a recession, that could mean a job loss.
Establishing multiple income streams is a smart idea for two reasons. The first is the extra money increases your spending and saving power.
Look for ways to minimize your interest costs so your payments go further and destroy your debt faster.