While the economic outlook is in flux, it’s never too late to prepare your finances so you can weather the storm. Here are 4 ways you can start recession-proofing your finances.
1. Pay down debt
Using the next few months to pay down debt, specifically high-interest debt, can be crucial for your financial wellness. While you may not get down to zero, prioritizing what debt to pay off can help give you the breathing room you need in your budget.
Start by focusing on credit card debt. There are three options you have to help you pay down credit card debt:
Tackle by highest interest (like the debt avalanche method)
Pay off the lowest balance first, such as the debt snowball strategy
