Economy

Is there a recession on the way? Financial experts say you can start preparing with these tips

Here are the best ways you can make sure a recession doesn’t hit you as hard.

Here are the best ways you can make sure a recession doesn’t hit you as hard.
Shelby Tauber
Joe Brennan
Born in Leeds, Joe finished his Spanish degree in 2018 before becoming an English teacher to football (soccer) players and managers, as well as collaborating with various football media outlets in English and Spanish. He joined AS in 2022 and covers both the men’s and women’s game across Europe and beyond.
Update:

Strap yourselves in, folks: Trump has had his hand on the tiller long enough that a recession now appears inevitable.

The reckless tariffs, despite what he claims, are causing chaos the world over, with uncertainty the disaster word for people who push the buttons of the economy.

The worry over a potential sits like an ominous iceberg on the horizon of the United States, and with the way things are going, steering away looks like a decision too late.

With that in mind, there are plenty of ways you can disaster prep for the incoming iceberg...

One of the clearest trends is an obvious one: a sharp cut in non-essential spending. People are no longer dining out, and impulse purchases and on the wain as the burden of bills gets bigger and unavoidable.

Another way of creating cash is via a little side hustle: millions have added freelance work, delivery gigs, or online sales to supplement their main job as wages stagnate amid the higher prices.

Still, not every adjustment is positive. A growing number of people have been forced to dip into their savings just to cover basic expenses; some have even paused contributions to their retirement funds, redirecting that cash toward short-term survival in these tough times. People are also taking to selling their personal belongings, something that can be an incredibly emotional experience if the items have significant meaning.

Related stories

And then there’s the inevitable: extra work hours are also becoming a lifeline. Many employees are picking up overtime or side shifts to balance out rising costs, with some people reportedly working 15 or more additional hours a week.

Get your game on! Whether you’re into NFL touchdowns, NBA buzzer-beaters, world-class soccer goals, or MLB home runs, our app has it all. Dive into live coverage, expert insights, breaking news, exclusive videos, and more – plus, stay updated on the latest in current affairs and entertainment. Download now for all-access coverage, right at your fingertips – anytime, anywhere.

Tagged in:
Comments
Rules

Complete your personal details to comment

We recommend these for you in Latest news