Preparing for a Recession

Re: Preparing for a Recession

Thanks For sharing this Information Here I'm also sharing with you some Information about Recession,
The first key, whether your income is tied to a business or not, is to reduce fixed expenses. High variable expenses can be tolerated, as long as there's an income stream to pay them. But high fixed expenses will wreck your finances very quickly if the income stream dries up. This means reduce debt and avoid new obligations (fitness center memberships, burglar alarm contracts, etc.). For businesses, it means postpone hiring (hire temps instead) and postpone raises (instead, offer bonuses conditioned on profits).

The second key is to boost your emergency fund. A temporary income shortfall doesn't need to become a financial catastrophe, as long as you have enough cash on hand to tide yourself over. Resist the temptation to rely on credit as your emergency fund. It can be tempting to figure that paying down revolving debt frees up part of your credit line for use in a future emergency, but that's not the same as an emergency fund. At any time, but especially during a recession, lenders can cut credit limits, refuse to extend further credit, or simply get out of the business entirely. Have an emergency fund that doesn't depend on someone making you a loan. (After all, the classic reason to tap an emergency fund is when you've just lost your job--which is exactly the time that a creditor would be especially likely to cut off your credit.)

Re: Preparing for a Recession

Hello
Recession Tip 1: Deposit your money you want to save in a savings account at a bank that offers higher than normal interest rates. Most of the time banks that offer the highest interest rates, are banks that are based primarily on the internet. Because they are primarily located on the internet they they don’t have brick and mortar offices and so they have lower expenses. Many people have shied away from internet banks. People are just used to being able to walk into a bank office. It makes them feel a bit more secure. Times are changing and more and more people are getting used to the idea of having both their savings and checking accounts with Internet banks.

Recession Tip 2: Some banks make huge profits on the fees they charge. The banking business is getting more and more competitive. If your bank charges you fees dispute them or ask them to refund your money. You should not have to pay fees to whether on your savings account or on your checking account. There is simply too much competition out there for your banking business for you to ever pay fees.

Recession Tip 3: Almost all banks have online bill pay. If your bank doesn’t then it may be a good time to think about transferring your savings account and your checking account to a bank that does. Online bill pay is great for a few reasons. First with online bill pay you can schedule your payments. If you are like me and wait to the very last minute to write the check and mail it, having scheduled online bill pay could save you a lot of money in late fees. Online bill bay, especially if you schedule the payments, can save you a ton of time. Time is money. So the more time you save the more money you save.

Re: Preparing for a Recession

Hi,

One can improve their business by offering promotion coupons, discount shopping offers which have tremendous potential to attract visitors.

Re: Preparing for a Recession

Hello
1.Cut out all unnecessary spending. Ouch! Sound painful, I know. But it's more painful to not have money for the things that you need because they were spent on items that you can live without. So cancel all of those magazine subscriptions. Conquer your mocha habit and keep the Starbucks coffee money in your pocket. These tips for preparing for a recession will mean you'll have money available when you need it the most.
2.Do not overspend on food. Food can be a huge percentage of your monthly spending. The cost of extra value meals and even $1 menu items adds up quickly. So instead of eating out utilize these two tips for preparing for a recession: learn to cook from scratch and pack your lunch for work instead of eating fast food.
3.Lower your electricity bill by following these tips for preparing for a recession. Use the AC and heater less. Instead open windows and use ceiling fans in the summer; and, wear sweaters and use throws in the winter. Only turn on your unit if the weather is too extreme not to.

Re: Preparing for a Recession

Hello Friends....

1.Get your finances in order. Preparing for a recession will mean different things to you depending on your situation, but by all means, do what you can now to prepare economically. At the very basic level, try to pay down debt and have an affordable housing situation.

2.Consider investing in essential sectors, such as medicine, and in precious metals, such as silver, to weather a recession. There are several very good sites with advice on investing for a recession; do your research and look at track records. Invest for the long term rather than to get rich quickly.

3.Develop your skills. Handymen, mechanics and plumbers are always in demand, especially when people try to fix rather than throw out their appliances and vehicles. If gas prices continue to rise, a side gig as a bicycle repairman and used bike salesmen could turn into a booming business.

Thanks