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Will the recession pass over us?  How long will it last? Who knows!  No one knows for sure what the market will do, and as grim as that sounds, there are ways to prepare yourself.  Take action now.

  1. Pay down debt.  If you are holding $10K or more, it’s best to tackle it now rather than later.  The longer you maintain debt, the harder it is to fix.  The ability to pay off the debt immediately may not be an option.  However, there is assistance with debt relief.  The National Debt Relief center is a valuable resource that can assist.
  2. Cancel your car insurance.  That’s right, cancel it!  Do the research if you are paying more than you should for car insurance, cancel it, and get a more affordable policy.  This step alone could save you up to $500 per year.  The Finance Buzz has used an auto insurance estimator tool to figure out your insurance.  To find out if you are paying more than you should, visit Finance Buzz and enter your zip code.     
  3. Transfer high balances with high-interest rates to a low-interest rate card.  This will reduce the amount of interest you will pay back.   
  4. Don’t let home repairs control your wallet.  Owning a home requires periodic home repairs.  Appliances, roofs, heating & fuel systems are all big-ticket items that will eventually need replacing. Just one of these repairs can drain a bank account. Consider placing a home warranty on your home to cover these repairs.  Some of the top home warranty programs are Choice Home Warranty, The Home Service Club, and Select Home Warranty.
  5. Stop overspending on online shopping.  Online shopping is convenient. However, finding deals can be time-consuming.  Consider downloading apps that save you money, such as the  CapitalOne Shopping app.  It’s free.  At checkout, it will scour the internet for coupon codes to help you save cash.
  6. Diversify!! Diversifying your investments may help you withstand the storm.  For example, consider investing in precious metals.  Precious metals typically run opposite from stock and the US dollar.  When one is up, the other is down.

SOURCE: Finance Buzz | Written By: Team FBZ | Published: 02/06/2023

7 Things you must do before the Next Recession

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