5 Ways to Prepare for a Reecession : Equifax

Article shared by Lou Mendez

Thought this may be useful to many who are fully reliant on the UN Pension only.
Lou

Click here for the article 

Summary

Equifax outlines five essential strategies to help individuals prepare for and endure the financial stress of a recession. These include building a three-to-six-month emergency fund, creating a detailed budget, prioritizing debt repayment, planning for potential job loss, and maintaining financial awareness. 

The article emphasizes the inevitability of economic downturns and advises proactive, disciplined planning to weather such periods.

Quotes
"If you're well-prepared for a recession, a job loss or other financial hurdle, you'll have an emergency fund that covers three to six months of living expenses."
"Your budget may need to adapt in preparation for a recession, and that's okay."
"Even if job cuts or layoffs are looming, put as much cash into your emergency fund as possible."