If the sound of a recession makes your stomach lurch, there’s a good chance you’re not financially prepared if it were to happen soon. Here are a few things you can do now to improve your finances and prepare for a recession. It's easier than you think and more important than you realize.
is a good place to start if you are already taking advantage of a workplace retirement plan.
Remember, getting your spending in check isn’t an exercise in how much pain you can tolerate to pinch a few pennies. It’s about designing a life and standard of living that is sustainable and still provides you with the same amount of happiness and pleasure, while allowing you to save and invest for your future.If you’ve gone a few weeks with a toothache that won’t go away, chances are that you’ll eventually find yourself staring at a bright light at the dentist's office.
It’s true that you might not get the same immediate gratification from visiting a financial planner because it takes time and effort to notice a difference in your financial life, but that doesn’t make it any less important. After all, you’ll be glad that you’ll have the money to afford a visit to the dentist if you need one.
Not all financial advisors are created equal so take the time to find someone you life and trust. You’ll be glad you took the time to shop around and didn’t go with the first person you met with, unless they are the right fit. FThere are countless apps and websites related to tracking your spending, managing your money, or setting up a budget. Take advantage of your favorite ones to stay on track with your goals.
. An extra five minutes everyday looking at your financial situation instead of looking at pictures of cats on your newsfeed will go a long way.can make a large difference in influencing your behavior, so it will help you if you go on this journey with a couple of friends. Something as simple as a friend texting you in the morning asking about your side hustle, might be all you need to actually go out and earn some extra money.
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