- While there are signs the American economy could head into a recession, there are protections you can put in place to ease the financial hit.
- 1. Build up your savings. Three to six months of household expenses should be saved.
- 2. Paying Debt. Now is the best time to pay down or pay off debt in order to avoid suffering from rising prices and decreasing wages.
- 3. Don’t exit the stock market. Investing is risky, but liquidating your retirement or other investment accounts can harm your finances for years.
- 4. Upgrade your skills. When the economy slows, job competition rises. Workers with more skills are less likely to be laid off and more likely to find work.