For the last year, there have been rumblings of a coming recession and experts agree they think one will happen sometime in 2023.
In October, economists surveyed in a quarterly Wall Street Journal poll estimated there is a 63% chance of a recession this year.
But with the uncertainty of a recession, how can one prepare? Experts suggest paying down high-interest debt and bolstering savings in the event employment is lost, but that takes time. “We all know it’s important to save for retirement, but if times are hard you may have to cut back on that 401k contribution a little bit,” said Dunston. “If you don’t have enough cash to meet your bills or you don’t have enough in a rainy-day fund, we always recommend that you have a secure foundation first.”
Joe Gladstone, a professor of marketing at the University of Colorado Boulder, says maintaining perspective, even if it does not pay the bills, is important during recessionary times as it can help reduce anxiety, a major component of their effects.
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