7 Best Ways to Recession Proof Your Life ...

57
COMMENT

It doesn't matter how well your financial life is going, economic problems can strike at any time, which underscores the need to recession proof your life. You might lose your job, or your boss could cut your hours to decrease his overhead costs. At the end of the day, it's important to remember that there is no such thing as true security in this world. For this matter, you should always prepare for the worst. You can't predict the future, but you can take steps to recession proof your life.

1. Increase Your Emergency Fund

To recession proof your life, you need to view savings as a priority, and not an option. Having cash in the bank might be the thing that keeps you afloat if you lose your job or deal with other hardships. Save at least 10% of your pay each week, and try not to spend large sums of money you receive, such as a work bonus or a tax return. Aim for a cash reserve that's equivalent to six or eight months of your income.

Pay down Your Debt