Even when we hear the news that our economy is on an upswing, many of us dread that one word will be lurking around the corner: Recession. With many factors at work in the financial market, it can be difficult for even financial professionals to anticipate the arrival of a recession. Take these steps to fortify your finances and secure your savings progress, before the next recession strikes:
- Pay Down Your Debt: Set a goal to pay down your credit card balance within a year’s time. Diminish your debts as soon as you can because, unfortunately, these debts can be harder to pay off, should the market change.
- Rainy Day Fund: Worried the recession will mean less income, or higher costs for your family? Make sure you are maintaining an emergency fund capable of covering at least three month’s unemployment. This is a good starting balance that you can pull from in order to cover a sudden expense, should times be tough.
- Earn Additional Income: Increase your ability to withstand financial disruption by pursuing means of earning additional income. Some people get ahead by selling unused items, while others may pursue a second career to boost their overall income.
To learn more ways to improve your financial life, and plan for the future, visit the Syncis blog at https://www.syncis.com/blog/.