Are you financially prepared for a potential recession?

The current economy and millions of Americans have taken a hard financial hit due to COVID-19. Here are some tips to help you get ready for a potential recession: 

1. If you are currently still employed you should start focusing on excelling in your current position, you need to show your worth and that you are a valuable asset to the company.  While aiming to always put your best foot forward at work, be conscious of that fact that during times of uncertainty, anything can happen. Hope for the best when it comes to your employment, but also plan for the worst in the event you're unfortunately laid off or furloughed by having a backup plan
2. You should start increasing your earnings. Get a weekend side hustle with Instacart or Doordash, but don’t overlook your current job. If you are able to work more hours while balancing your main position, that would be a great way to increase your income.
3. Further your education and start taking online courses to learn a new skill or freshen up on your current skills. 
4. Most importantly, start cutting your unnecessary expenses. 50/30/20 Budget Calculator
5. Aim to have 6 months worth of emergency funds saved in your savings.
6. If you have the financial means to pay down high interest debt, that will take a lot of pressure off of your cash flow each month. 
7. During any time, it is important to check your credit for fraudulent or incorrect accounts that may be negatively impacting you. 

Do you have any other tips you would like to share on how to prepare for a recession? Please share them below.