OPINION: Whether or not it’s called a recession, we’re living through an uncomfortable period for our personal finances. It’s time to help recession-proof your finances.
We keep hearing that we may be in or almost in a recession. Anyone who was working when the Great Recession hit in 2008 knows the negative impact it had on their finances. But the economic indicators in 2022 aren’t the same as they were in 2008—so we’re not sure how bad this one will be, if and when it happens. Although the causes of a recession are out of our personal control, there are steps we can each take to help safeguard our own finances from the ripple effects.
To help get your finances in order in a way that doesn’t potentially sacrifice your retirement savings, I have four tips to share that may help you make it through a recession—or any personal financial downturn.When people don’t have enough money to cover an emergency, they typically look to credit cards, loans, family, and their retirement savings. But borrowing from all of these sources has consequences.
Investors should also be aware that systematic investing involves continuous investment in securities regardless of price level fluctuation and retirement savers should consider their resources to continue the strategy over the long term.
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