It’s unfortunate, but recessions are part of the economic landscape. So, it’s handy to have a recession survival checklist:
First, assess your income stability. If you think your income could be threatened or disrupted, you might want to consider adding some freelance or part-time work.
Next, review your spending. Look for ways to trim your spending, such as canceling subscription services you don’t use, eating out less often, and so on.
Also, reduce your debts as much as possible. And try to build an emergency fund containing three to six months’ worth of living expenses.
Another step: Make sure your health and life insurance plans are intact. If you lose coverage due to a job loss, you’ll need to find alternatives.
And if you can afford it, try to continue investing. Coming out of a recession, stock prices tend to bottom out and then rebound, so if you had headed to the investment “sidelines,” you would have missed the opportunity to benefit from a market rally.
A recession isn’t pleasant. But by taking the right steps, you can get through it and still keep moving toward your financial goals.
This content was provided by Edward Jones for use by Kelly Barta, your Edward Jones financial advisor at ((319) 351-6095. Edwardjones.com/kelly-barta
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