Recession on the Horizon? Be Prepared, Not Scared
If you’ve read news headlines lately, there’s a lot of doom and gloom about a potential economic recession, despite some positive financial headlines.
So have you been concerned about your finances if a recession hits?
That is normal – it simply means you care about your financial future. The real question you should ask is, “How can I try to protect myself when the threat of a recession looms?”.
Let’s talk about three ways you can feel a little more secure and less stressed in these times.
- Start trimming. Despite inflation cooling, the cost of living and consumer goods are still high. Is there anywhere in your life where you can cut unnecessary costs? Maybe scrap some subscription services you don’t actually use. Delete your food delivery apps, and any other regular money drainers.
- Focus on debts and an emergency fund. It can be tricky to prioritize what to focus on, but your best bet is to weigh out what your debts will cost you over the long run and where you stand with your rainy day balance. Paying off your debts faster will stop interest charges from accruing, which can save you a ton, but that’s not helpful if you lose your job tomorrow and have no income.
- Initiate investing. Once you take care of your debt and create a savings plan, it’s time to kick your money into high gear. If you’re young and have several years to go before retirement, consider investing in options with a little more risk. Just five years or less until you retire? It’s not too late, but consider getting in touch with a financial advisor to create a plan.
Regardless of where you are financially, it’s important to start somewhere.
Whether you need to trim expenses or branch out your investments, a trusted financial advisor can give you valuable advice.
If you’d like to get that ball rolling, reach out to my office at 330 836 7800 (>>or click here<<) to book a 15-minute financial review.
