easy steps you can take to prepare yourself for recession
5
Stick to your investing plan at this time and don't get overwhelmed due to high market volatility. The key is to not forget that you're in for a long term, hence, short term market ups & downs shouldn't affect you much.
1 Investment
2 Expenses
This is the time to cut down expenses to the best extent possible and avoid spending on wishes that can be fulfilled later on.
3 Savings
It is also a good idea now to save more money than usual. Hence, if your emergency fund until now had 3-6 months worth of expenses, then you should aim for 6-9 months now.
If you're carrying even just one high-interest rate debt, it is time you start paying it down to reduce your liabilities & the stress that recessions & debts come with. Moreover, it will be beneficial to start paying off debts at the earliest because central banks have been hiking interest rates globally over the past few months.
4 Dept
5 Job & Income
Layoffs happening everywhere must have stressed you already, hence, it is advisable that you keep your resume updated to help you get a good job, in case of an unexpected job loss. In the first place, you should try stick to your job unless you have a toxic environment. Moreover, it is a good idea