Market gurus are themselves perplexed at the complex condition of the US economy at this point of time, looking at an impending US recession coupled with the fear of inflation flaring up again, along with hundreds of market scenarios forcing their way up and down the ladder surrounding the US elections 2024, which is scheduled for November.
Some ways to combat an impending recession would firstly begin with not panicking, followed by clearing off your debts and dues at the earliest. Moreover, panic selling of your investments is a big no.
Will examining finances regularly help me save money?
Yes among these biggest tips to save money, keeping a track of your finances every month or quarter, can actually help you in your savings.
Ramsey knows what a recession 'feels like'.
Meanwhile, top market analysts and predictor Dave Ramsey has his own set of solutions around preparing for an incoming, which are as interesting as they sound. Ramsey felt the full heat of the Great Recession in between 2007 and 2009, and therefore has untold experience on how an economic hazard like a recession feels like, which leads to unemployment, economic irregularities, federal troubles and a volatile stock market. Overall, the national economy is shaken to the core at times of a major recession, something that is being feared this time too.Keeping tight budget and emergency funds handy is the key to prepare for a recession
If reports are to be believed, a recession will bring in financial uncertainty, not only in the markets but also in your own homes, something for which, you need to keep your emergency funds at hand, at all times. Moreover, for the next six to seven months, moving ahead on a monthly budget could be easily helpful for saving a few bucks at the end of each month, that could be useful later.Clearing off your debts could be helpful
If you are paying installments, mortgages, or credit card bills each month, consider foreclosing them or even paying them off as early as possible, before the actual arrival of the recession, that could help in controlling your expenses and finances in a good way.FAQs:
What are some ways to counter a recession?Some ways to combat an impending recession would firstly begin with not panicking, followed by clearing off your debts and dues at the earliest. Moreover, panic selling of your investments is a big no.
Will examining finances regularly help me save money?
Yes among these biggest tips to save money, keeping a track of your finances every month or quarter, can actually help you in your savings.
Disclaimer Statement: This content is authored by a 3rd party. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
