Recession Proof Yourself !

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Keep your digital rolodex fresh by participating in networking opportunities outside of your company.

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Maintaining professional contacts at other firms will serve you well if you lose your current job. Reviewing and updating your resume also is a good idea.

7 Ways to Recession-Proof Your Life

To increase your odds of staying employed in a recession, become the most valuable employee you can possibly be. Show up on time, do your job well, be a team player and establish a pattern of reliability. A great track record makes it more likely you'll stay employed when other workers have to be let go. If you're carrying a lot of credit card or other debt, the monthly payments will become much harder to deal with if you do lose your job.

7 Ways to Recession-Proof Your Life

You may find yourself unable to make anything but the minimum payments — and the debt will only grow worse as the interest charges build. Attack that debt now, while you have the income to do it. Make the largest payments you possibly can, and explore whether to consolidate your high-interest credit card balances using a personal loan or cash-out refinance.

Making Yourself Recession Proof - Rich Habits Institute

If you have experience in your field, working a few more hours a week on your own time will help you establish an independent income stream and build up your network. Join Fiverr or Upwork and find paid freelance work in writing, design and other fields.

Stand out (in a good way)

Pro tip: Industry experts get paid more to write about or use the skills they know. Or, you might want to expand your skill set by working those extra hours in a different field from your day job. For example, if you love animals and the outdoors, you could work your own hours as a dog walker or pet sitter through Rover. The last recession was ushered in by a nosedive on the stock market. So, to protect your retirement during a downturn, make sure your account is diversified and not too heavily into stocks. Always talk to a financial adviser before making major changes to your portfolio. Consider using an automated investing service like Wealthsimple that will automatically adjust your investments when the going gets rough.

One major indicator is an " inverted yield curve ," when interest rates on short-term government bonds rise higher than long-term bond yields. Normally, bonds with longer time horizons have better yields. Duke University researcher Campbell Harvey says an inverted yield curve has predicted the last seven recessions. We prepare for fires by doing fire drills. In similar fashion, you can prepare for a recession with a recession drill, to plan for how you'd get by if your income got reduced.

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  • Steps to Recession-Proof Your Life.

Start by writing down all of your spending for an entire month, including your: phone, housing, cable and utility bills; groceries and gas; and spending on nonessential items such as clothing, shoes and jewelry. Once you have an understanding of your spending habits, take a look at your list of expenses and identify the nonessentials that could be eliminated or reduced to make a smaller income stretch further. Also, experiment by shopping at different stores.

2. Widen your network.

Prices can vary greatly between grocery stores and pharmacies, so change up your shopping routine and see how it impacts your bill. In the last recession, millions of Americans became unemployed and stayed that way for a painfully long time. You can manage a lapse in employment if you have enough money saved to cover your needs for at least six months. Take your list of monthly expenses, add them up and then multiply by six to find your emergency savings goal. Working your side gig, cutting your spending on nonessentials or asking for more hours at work are all ways to funnel more of your income into savings.

If the worst happens and you lose your job in a recession, you may need to take out a personal loan to make your house payment or cover an unexpected medical bill. The fact is, if you have bad credit, you will not get that loan. So here are 10 cost-cutting tips and tricks, according to Finder. Mortgage stress is real and affects 31 per cent of owner-occupied borrowers.

You could be saving up to thousands by consolidating your credit card debt across multiple cards into one low rate. You might want to opt for a zero per cent balance transfer credit card. Are you guilty of eating out or impulse shopping one too many times? Think twice before you make any unnecessary purchases — it could be the surest way to save you a lot of money in the long run.

Finding ways to make money has never been easier — these days, just about everyone is looking for someone to drive them around, walk their dog, paint their walls, deliver their food, or build their furniture. Browse around online marketplaces like Airtasker or Freelancer to pick up a sweet side-hustle that fits around your schedule.

How to Find The Best Cash Back Credit Cards

To make your savings work for you, hunt for a savings account or term deposit that will give you the highest interest rate around. Responsibly, of course. Are all your investments and savings in just the one place? In order to minimise the impact if things go bottom-up, it could be a good idea to spread your savings across different assets or investments. The devil is in the detail: a few dollars here and there will inevitably add up over time to quite a sizeable sum.

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  8. If you keep your eyes peeled, there are ways to save on your weekly grocery shop: look out for non-perishable items on sale or family-sized packs.