- Save Now. Interest rates on high yield savings accounts are the highest they’ve been in years. Take advantage of it now. If we head into a recession, the Fed will lower interest rates and those savings account interest rates could plummet close to zero.
- Borrow later. If we head into a recession, the Fed will very likely cut interest rates, which will result in lower costs of borrowing.
- Polish your resume. Be ready for a layoff. No one wants it to happen to them but if we go into a recession, it’s best to be prepared. Have your updated resume and a list of potential employers on hand as your Plan B.
- Pay down debt. In an inflationary economy with high interest rates, debt may get more expensive for credit cards and other debts with variable interest rates. It’s wise to pay off what you can.
4 Moves You Can Make to Recession-Proof Your Finances
- Category: Financial Tips, Investments
- Tags: recession
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