easy steps you can take to prepare yourself for recession
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.
This is the time to cut down expenses to the best extent possible and avoid spending on wishes that can be fulfilled later on.
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.
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