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Surviving and Thriving in a Recession: 6 Expert Tips to Safeguard Your Finances


Expert Tips to Safeguard Your Finances

If a recession occurs, there are a number of things that we can do to safeguard our finances. We'll share 6 expert tips to protect yourself and thrive during a recession.


At Buffett Online School, we also believe in investing in great companies you understand and utilizing Free Investing Resources to help you start your financial freedom and investment journey is one of the best ways to learn.


Expert Tips to Safeguard Your Finances

Make a budget and stick to it


This will help you to track your spending, and you can see where your money is going and where you can cut back. Make sure that you are not overspending by considering your needs vs. wants. You can consider using a budgeting app, keeping a spending journal, or simply reviewing your bank statements.


Pay down debt


This will free up more money in your budget and make you less vulnerable to financial shocks. Pay down especially the bad debts, for example, credit card debts. Do not just pay the minimum payment for credit cards, as the remaining debt will incur hefty bank interests and snowball into a huge amount before you even realize it!


Expert Tips to Safeguard Your Finances

Build up an emergency fund


This will give you a financial cushion in case you lose your job or experience other unexpected expenses. The recommended amount of emergency funds is at least 3 to 6 months of your usual monthly expenses.


Invest in yourself


This could mean taking courses to improve your skills and networking with people in your industry. This is very important as it may open up various options for you should you find yourself changing to a different industry or finding other opportunities within your industry.


Expert Tips to Safeguard Your Finances

Find ways to make extra money


If you're struggling to make ends meet, consider getting a part-time job or starting a side hustle. This extra money can pay down your debt faster and enable you to tide through the recession better.


Stay positive


A recession can be difficult, but staying positive and focusing on the things you can control is important. Do not be too hard on yourself; life is already pretty difficult, especially during a recession. Try to care for yourself more; for example, explore mindfulness meditation or walk in the park. With a calm mind, you can take care of your finances properly.


Conclusion


Going through a recession can be tough for everyone. However, with proper preparation, there are ways to survive and even thrive in a recession! If a recession is to come, may we emerge from it stronger.


Remember, nothing lasts forever, even recessions!


Join Our Free 2-Day BOS Value Investing MBA


At the Buffett Online School, we believe in learning the right investing mindset and system, cultivating emotional detachment, and growing our wealth safely and substantially in the long run.

Our next 2-day BOS MBA Value Investing Online Bootcamp is happening soon! We will teach you how to use Warren Buffett's proven investing method to maximize your portfolio.

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Remember, you can cultivate the right investing mindset and unlock your potential to build wealth through intelligent investing. Together, we can create a network of educated investors who make informed decisions and contribute to their financial well-being!


In the meantime, feel free to check out some of our blog posts to continue learning. You can also join our BOS Telegram channel for more investing insights!

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