4 Experts Share Their Secrets to Recession-Proofing Your Finances
Heather Taylor Mon, June 27, 2022
Is the United States heading toward a recession?
Amid a high inflation period, many Americans are concerned about the risk and what this might mean for their personal finances. Fortunately, there are certain steps everyone can take now that will enable them to better navigate an uncertain time.
Follow these steps to prepare and recession-proof your finances.
Establish an Emergency Fund
If you have not already created an emergency fund, now is the time to start building one. An emergency fund works to help you weather the storm in the event of sudden job loss or an unforeseen major expense without resorting to liquidating retirement assets or relying on loans or high-interest credit cards.
Adam Deady, CFP and investment analyst consultant with MassMutual, said a general rule of thumb is to save at least three to six months of living expenses in a risk-free, liquid investment vehicle you can easily access. Investment recommendations include a money market account or a high-yield savings account.
Start Eliminating Unnecessary Expenses
You don’t have to wait until a recession hits to eliminate unnecessary expenses from your budget.
Deady recommends using this time to carefully review your spending habits. Then, cut back on any nonessential spending — e.g., cancel rarely used subscription services or do maintenance on your own at home instead of hiring help. You can put the money saved into your emergency fund or an investment or retirement account.
If you’re struggling to determine how much you should be saving, Brittney Castro, financial expert and Mint’s in-house CFP, recommends thinking of saving as a fixed expense and factor it into your budget.
The 50/30/20 rule can help you estimate how much you should be saving — 50% on needs, like food or rent, 30% on nonessentials and 20% on savings,” Castro said. “The most important thing is remembering to live within your means. You never want to end up in a situation where you’re stretched too thin with your finances.”
Pay Down Debt
“Paying off high-interest debt, like credit cards or student loans, should be a priority when the economy is strong,” Deady said.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/4-experts-share-secrets-recession-120004013.html
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