Are we heading towards a recession?
Are you wondering if we are heading towards recession? If so, it is best to prepare for it.
Do not stop contributing towards your retirement!
Keep building your nest egg. Is it 401(k)? Then keep contributing to your 401(k). Keep putting money into it just as you have been doing. Don't fall into the temptation of reducing you contribution or pulling out completely. Don't touch it. Let it grow.
Pay off revolving debt.
What did I say and keep on saying? Carrying debt during inflationary times is expensive. What... 15% interest rate? or even 25%? An absurd amount of 39%? Pay off that credit card debt! Pay of any kind of debt with variable interest. Pay it out right away! Those interest rate will add to your debt. Enough said.
Reduce your budget
Do you spend everything you bring home? Goodness!!! If you are not doing it yet, do yourself a favor and make a spreadsheet of your spending. Get to the details and get granular! Reduce your spending. Bring food to work. Cut down on cigarettes, or liquor... you know where to cut down.
Find ways to have new sources of revenueWhy not sell your unwanted things... kitchen appliances you seldom use, small tools like you extra knives, or what have you. How about clothes, and bags... or those fancy earrings? There are a lot of things just sitting around.
Maybe your creative. How about turning that hobby to something more?
For certain, no one can predict the future. The good thing is that we have time to prepare as these are just predictions.
As for myself, I intend to bulk up on cash. I'll continue to look at my budget and cut it further, and do some Summer cleaning!
What are you thoughts?
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