![]() ![]() Consider a side hustle: There are pros and cons to taking on extra work.Unfortunately, if you are spending more than you earn right now, or your emergency fund isn't up to scratch, you may need to make some more drastic cuts - even if they are only temporary. Look for areas you can cut back: You may feel as if you've already pared back your spending so much there's nothing more to cut.But as the economic storm clouds gather, a lot of financial experts suggest saving as much as a year's worth of cash. The rule of thumb is to put three to six months' worth of living expenses in an emergency fund. Work on your emergency fund: One of the best ways to handle an economic slowdown is to have money put aside in a savings account for emergencies.Once you know how much you earn versus what you spend, you can start to prepare for a recession. Try using a budgeting app or a pen and paper. You don't need to make a complicated spreadsheet. Understand your spending: If you don't know where your money goes each month, now's the time to face it head on.If the Bloomberg team is correct, we may have a year before recession strikes. There are things many of us can do to prepare for an economic slowdown. Now just as life is starting to return to some kind of normal, we're being told we're on the verge of economic disaster. It's all very well sounding the alarm bell, but what do all these dire economic warnings mean for you as a consumer? Understandably, a lot of people are tired of being told the sky is falling - especially after the pandemic and everything that came with it. ![]() The one before is known as the Great Recession and lasted around 18 months. The last one, triggered by the COVID-19 pandemic, was extremely short. has already seen three recessions since the turn of the century. They can last anywhere from a couple of months to more than a year. Recessions are usually characterized by falling productivity and rising unemployment. 10 months: 25% (up from from 0% in previous forecast).11 months: 73% (up from 30% in previous forecast).One year: 100% (up from 65% in previous forecast).More: These 0% intro APR credit cards made our best-of listĪlert: highest cash back card we've seen now has 0% intro APR for 15 months Discover: This credit card has a rare $300 welcome bonus ![]()
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