What if a recession happens?
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Analysis by BCA Research warns that the US economy may face a recession in 2024 or 2025, as reported by Fox Business. While the Federal Reserve’s recent statement implied otherwise, it is prudent to consider the possibility of a recession, just in case.
Below are strategies and considerations that can help you prepare for and navigate your finances should a recession happen in the US economy.
1. Build An Emergency Fund
An emergency fund acts as a financial safety net in case of disruptions to your income. It gives you peace of mind and helps you better navigate the effects of recession. It can help you keep afloat in case of job loss, hyperinflation, investment crashes, or other financial uncertainties. It can help you avoid going into debt or bankruptcy.
Most experts recommend saving three to six months’ worth of living expenses in a…
