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Four Things People Must Do to Prepare for the Coming Recession

Coronavirus economic impact check surrounded by money. Concept of stimulus payment and United States government assistance

Photo: Getty Images

While there are signs the American economy could head into a recession, there are protections you can put in place to ease the financial hit. 1. Build up your savings. Three to six months of household expenses should be saved. 2. Paying Debt. Now is the best time to pay down or pay off debt in order to avoid suffering from rising prices and decreasing wages. 3. Don’t exit the stock market. Investing is risky, but liquidating your retirement or other investment accounts can harm your finances for years. 4. Upgrade your skills. When the economy slows, job competition rises. Workers with more skills are less likely to be laid off and more likely to find work.


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