Speculation about a potential recession has plagued much of 2022, and is now seen as all but inevitable in 2023. Here are five steps that financial experts recommend to prepare for a recession
Whether the economy is surging or stalling, it’s important to have enough money set aside so you can still pay your monthly bills in the event of an unexpected job loss or other emergency. Your monthly budget is a good place to start because you can see how much money you’re spending each month, and on what.
“Ask yourself: Where can I reduce monthly outflow?” advises Robert Gilliland, managing director and senior wealth advisor with Houston-based Concenture Wealth Management. Even cutting out small expenses, such as subscriptions to streaming services, are an easy way to save extra money that can be crucial for building anYour goal should be to have an emergency fund that has enough money to cover three to six months worth of expenses.
Shoring up your finances also means tackling debt. “The first thing I would tell people to do is to pay down variable rate debt, like credit card debt,” recommends Marguerita Cheng, a certified financial planner and the founder and CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland.strategy for paying off debt
, even if it takes time. Starting that process now will help you to build up your cash reserves—which will free you up to do other things, like investing in financial markets, Cheng says. The fate of President Joe Biden’s student loan forgiveness program is still up in the air, though borrowers have received another extension on student loan payments into 2023.Layoffs and cost-cutting measures are already starting to sweep through the
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