7 smart & simple ways to recession-proof your finances right now

Even if there isn’t a recession, “recession-proofing” your finances is an excellent way to strengthen them and ease the impact of any future hardship!

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It centralizes your entire financial life, so you clearly see your strengths and weaknesses.

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Create a budget or spending plan

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Shore up your emergency fund

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Having fewer liabilities can take the pressure off if your pay gets cut or you lose your job or business income during an economic downturn.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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7 smart & simple ways to recession-proof your finances right now

Even if there isn’t a recession, “recession-proofing” your finances is an excellent way to strengthen them and ease the impact of any future hardship!

It centralizes your entire financial life, so you clearly see your strengths and weaknesses.

Create a net worth statement

Create a budget or spending plan

It lists your sources of income, major expense categories, such as housing, food, insurance, and transportation, and goals.

Shore up your emergency fund

While everyone should have a healthy emergency fund, if you want to recession-proof your finances, it’s even more essential to have one.

Having fewer liabilities can take the pressure off if your pay gets cut or you lose your job or business income during an economic downturn.

Pay down high-interest debt

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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