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Key takeaways
- Recessions bring many dangers, including job loss, rising prices and hefty interest rates.
- While these problems can be financially painful, there are steps you can take to reduce your liability during an economic downturn.
- If you’re able, continue contributing to your investments and take advantage of stocks that are “on sale.”
News reports indicate that a recession is likely coming. Regardless of if the National Bureau of Economic Research (NBER) officially announces a recession, tough economic times are already here in the form of mass layoffs, rising rents, interest rate hikes and high prices.
What can you do to prep your finances when all the cards seem stacked against you? Let’s dive into some actionable steps you can take today to help your financial situation during tough times.
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