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How to Prepare Your Finances for a Recession

September 28, 2022

Is a recession coming? Inflation is outpacing wages, commodities are getting pricier and interest rates are on the up and up. But unemployment is still low and demand for workers is at a near record high. No one knows for sure, but it can't hurt to take steps to prepare your finances.

How to Prepare Your Finances for a Recession

Guidance every step of the way

Have questions about complex personal finance topics? We're here to guide you to gaining the knowledge and skills you need to meet your financial goals. Start taking action today by following one of our handy guides below.

  • Guide to Recessions: Definition, How to Prepare, Causes, & More

  • Guide to I Bonds: How to Buy & Sell, Rates, Taxes & More

  • Guide to Pet Insurance: Coverage Options, Costs, How to Choose & More

Saving & budgeting

Who says budgeting has to be a chore? It’s easier than you think to keep track and stay on top of where your money is going. And there’s nothing like the feeling of knowing exactly where you are with your finances—so you can be confident in your goals. Instead of always worrying about whether you have the cash for something, you’ll just… know. Whether you want to pay off debt, save for a trip, plan for retirement or something else, every dream starts with a good budget. And we’ll help you every step of the way to stay the course.

Saving & budgeting
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Quick Question

Which expense are you likely to cut back on during a recession?

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Insurance

If just the mention of the word insurance makes you want to run for the hills, we get it. The thing is, having insurance—for your car, your home, your pet, etc.—is important for protecting your assets and loved ones, and for your financial health (you don’t want to get hit with a giant bill if your basement floods). We’ve done the research on all kinds of insurance and broken down what you need to know when you shop for a policy, so you can be sure your needs are covered.

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Quick Question

How prepared do you feel financially for a recession?

Investing

You don’t need to be a stock market whiz to learn the ropes of investing, and be good at it. We’ve got advice on how to get started, where to open an account, what to invest in, and how to come up with an investment strategy for you. You’ve got some experience under your belt already? Look for our stories on investing in crypto, I Bonds and more.

Investing
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Quick Question

What's your investment strategy during a recession?

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