Are You Recession Ready Yet?

There are a growing number of economists talking about a recession hitting around the year 2020.  Granted, I’m neither an economist or a financial planner.  I’m a widow who has survived recessions.

So, what should you do to prepare for this?

#1 - Don’t quit your day job.  As it is, recessions result from crashes in markets and job losses, try to shore your job as much as possible.

#2 - Save, save, save.  Go through your spending plan (budget) and make sure you have or know where to cut to save money.  Having money saved will make life a lot easier if you do lose your job.  Start off with the Dave Ramsey recommended $1,000, but within the next 12 months or more, you may want to save even more.

#3 - Reduce debt.  Are you in debt?  See what debts you have and look at the lowest balance debts to get rid of fast.  Live within your means and stay away from any further debt.

#4 - Side hustles.  Look for side hustles to help get you out of debt, or help you keep earning in case your main job gets lost in the downturn.

#5 - Emergency Preparedness.  For those in The Church of Jesus Christ of Latter-day Saints, we know the meaning of emergency preparedness.  Food storage, water storage, essentials to keep you going for not only 72 hours but longer than that.  Make sure what you store is also what you eat.

What else can you think of?