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6 Tips for Recession-Proofing Your Finances

It is important that consumers take the time now to start protecting themselves and their families from a potential recession.

A recession can cause serious economic harm, especially for those that have not taken the necessary steps to prepare.

ACCC offers these 6 tips for recession-proofing your finances:

1. Pay down debt

Pay down credit cards, loans or student loans to create some breathing room in your budget in the event of a recession

2. Build an emergency fund

It’s recommended to save 6 months’ worth of expenses in an emergency fund

3. Get a side job

Extra income will help build your emergency fund and help sustain you during a recession.  

4. Cut unnecessary expenses

Start cutting back on expenses such as shopping sprees, premium channels and going out to eat

5. Adjust retirement plans

For consumers nearing retirement, consider putting retirement funds into bonds. For younger consumers, keep funds in stocks to prepare for the economic up-turn

6. Excel in your career

Continue to develop your skills so you have a leg up in your company should a recession cause layoffs.

American Consumer Credit Counseling (ACCC) is one of the top non profit debt consolidation companies in the U.S., with more than 22 years' experience helping individuals and families consolidate credit card debt and improve their credit management skills. If you're wondering "How does debt consolidation work?" and "How can I consolidate my bills?", we can provide you with debt consolidation information to show you exactly how we can help you consolidate debt without having to borrow money or pay steep fees. If you're considering bankruptcy, we are also one of the approved credit counseling agencies for issuing a pre-bankruptcy certificate as well as providing the post-bankruptcy credit counseling course.

American Consumer Credit Counseling - Consolidate Debts - Better Business Bureau American Consumer Credit Counseling - Consolidate Debts - Mass Housing Approved National Industry Standards for Homeownership Education and Counseling American Consumer Credit Counseling - Consolidate Debts  - Council on Accreditation American Consumer Credit Counseling - Consolidate Debts  - NFCC Member