Reported 12 months ago
Recession-proof your savings by taking proactive measures now, even in times of apparent stability. Preparation can safeguard your finances and savings. Understand what a recession is, its effects, and potential duration, as well as tips to protect your finances. Suggestions include reviewing and cutting your budget, building an emergency fund, moving cash to high-yield savings accounts, locking in higher rates with CDs, paying down debt, creating additional income sources, and maintaining a long-term investment focus during economic downturns. Stay informed about the safety of savings accounts during recessions and consider diversifying your investment portfolio with guidance from financial advisers.
Source: YAHOO