How to Prepare for a Recession: 5 Steps to Take Now

The most recent recession occurred in the wake of the coronavirus pandemic. It was one of the quickest yet severe recessions to occur yet.

If you want to be better prepared for the next one — and there will be a next one — here’s what you need to know. 

How to Prepare for a Recession: 5 Steps TO TAKE TODAY!

1. Lower Your Living Expenses

Consider making a few tweaks to your budget, such as pausing subscriptions and memberships, cooking at home more often, and switching to a cheaper cell phone plan.

2. Beef up Your Emergency Savings

Don't rack up high-interest debt during a recession. Once you fall into a cycle of debt, it’s tough to climb back out even after the economy has recovered.

3. Diversify Your Income

In 2020, more than 70 million people filed for unemployment benefits. That’s 40% of the entire U.S. workforce.  SWIPE UP to read the 55 ways you can make money online today.

THAT'S NOT ALL! There's more that you can do to protect yourself and your family before the next recession.