Financial help: Recession-proof your money with lessons learned from COVID-19
The American Institute Of CPS’s is offering financial advice for troubled times.
1. Emergency fund A few dollars a day quickly adds up to.
2. Pay down high interest debt Chances are you are paying for last year’s purchases—clear the decks.
3. Live within your means Ignore what the neighbors are doing!
4. Recession-proof your investments Set financial goals, stay diversified and revisit asset allocation regularly to manage market fluctuations.
5. Create a “crisis” budget in troubled times Examine current income against current living expenses. Include only money you absolutely must spend over the next three months. Pay with money you have—do not use credit and make matters worse. Focus on needs.
READ MORE: Lessons Learned from COVID-19 can help Americans Recession-Proof their Finances: AICPA Survey
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