Our economy today has put so many families in a position where they are desperate for an easy way to pay their bills in order to keep from sinking. Unfortunately, most of our working families out there are barely making enough money at their daily jobs to cover the necessities, never mind money for any extras!
So what should you do to prepare yourself in a recession, specifically a prolonged recession ? It’s actually quite simple, the biggest fear you have and the biggest thing you should prepare for is the possibility that you could lose your job. In a recession, companies often scale back operations as sales lag and when that happens employees are often the first things to hit the chopping block. To prepare for this, keep your ear to the ground and make sure that in the event that you are let go, the first you hear of it shouldn’t be the moment after your boss calls you to his office to deliver the bad news.
The second part of preparation is to pull back your spending and boost your emergency fund. Living on less and saving for tomorrow is what most people do when word of a recession begins to float around. We encourage you to do the same and we have listed some ways to help.
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