Many people are understandably concerned about a possible recession and the rising cost of inflation right now.
But despite worries of a worsening economic climate, there are steps that can be taken to make sure you not only survive financially, but thrive.
Nancy Hecht, financial advisor for Certified Financial Group, offers three ways to make sure you are safe and sound financially even amidst fears.
1. Have cash reserves
This means making sure there is money put away in savings and checking accounts, retirement accounts. It will take some discipline and commitment to saving money, but it can pay off in the long run.
“That’s what protects you in emergency situations,” Hecht said.
2. Keep track of spending
In addition to putting money in the bank, making sure you watch what you’re spending money on is essential to keeping your finances in order.
Hecht that means being shrewd shoppers by finding sales, couponing, and focusing on buying things you need, not necessarily everything you want.
“It’s all basic spending rules that we all have to pay attention to, that we hate paying attention to,” Hecht said.
3. Don’t be afraid to still invest
Believe it or not, now might be a good time to make some investments, according to Hecht.
Whether that is buying stocks or contributing more to a 401K account, investing is still a good option.
“When markets are down and people are panicking, now is the time to buy or hold,” she said. “When you are shopping, you want to buy on sale, and the same goes with your investment.”
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