7 Tips for Surviving a Recession

The global economy right now is in a state of flux. With recession looming, many experts are predicting that we’ll start to feel the impacts of economic downturn very soon, on top of recent increases in inflation.

If you’re worried about how you’ll survive economically, you’re not alone. Having been through 2 recessions in my career, there are things that you can do to prepare yourself, and things you should avoid doing, during periods of low or negative economic growth.

Here are 7 tips on how to survive, from someone who’s been there before.

1. Recession-proof your income:

One of the best things you can do to prepare is to make sure your income is as stable as possible. If you’re employed, this may mean hanging onto your job and avoiding any unnecessary career risks, as during recessions, the unemployment rate typically rises meaning there are fewer job opportunities available. Try to make yourself more valuable to your employer while keeping an eye on what the job market is doing. If you’re self-employed, it may mean diversifying your client base or finding new ways to market your services.

2. Have an emergency fund:

No matter how stable your income is, it’s always a good idea to have an emergency fund to fall back on in case of unforeseen circumstances such…