Nowadays, it’s hard to share plans with friends. The interjection “In this economy?“ is the most probable answer to almost any good news you share. But it comes as no surprise. The global economic market has gone through unprecedented shock waves and turbulence, and you can’t ignore the inflation anymore. It’s everywhere. Some experts are starting to mention the term “recession“ here and there, but there is no consensus yet whether the recession is inevitable or rather much avoidable at this point.
Some say inflation will ease out by September, but others aren’t that optimistic. We believe in hoping for the best but preparing for the worst, and so, here’s our humble guide on how to best prepare for a possible recession.
First of all, let’s take a short scan of the current state of the market. We hear words of warning from major players in the economic field, such as Bill Gates and Warren Buffett. We see the stock market struggling, we hear of more and more people getting rid of their stocks. To understand the complexity of the full picture, we suggest watching this video explaining the current state of the economy through the mirror of past recessions:
Now that we more or less understand the complexity of the situation and the possible obstacles the economy might be forced to overcome, let’s examine how we, as individuals, can navigate this field safely.
We are sure you have your savings. Everybody does. Our tip would be to make sure that you have enough in your savings for three months' rent or mortgage payment, plus your insurance deductible. Once you do this, you can let go of the gas pedal and move on to re-budgeting your debts, as specified in the next tip.
Retirees should have at least a year's worth of expenses in cash in their retirement account.
Governments around the world are increasing interest rates to help combat rising inflation. This means that loans for houses and cars will now come with greater interest rates. So now is the time to tend to those.
Rearrange your budget to quickly and safely pay off your debts. Here’s how: add up all the minimum you must pay on all your debts. Arrange all your debts in a descending list of interest, excluding mortgage. Anything with an interest of 5-7% should be a top priority. Now rearrange your budget and determine the maximum amount you can afford each month to pay off your debts.
If You Have Old Toys Laying Around, You Might Be Rich
If you've got any of these toys from the 1980s laying around, then you might just be sitting on a goldmine!
Looking to Make Some Easy Money? These 12 Ways Will Help
Looking to make some extra cash? Here are 12 ways to make some easy money.
6 Life Lessons From the 1929 Great Depression
These are deeper lessons that require adopting a new worldview. Let's see what history has to teach us.
Ten Tips You Need to Consider to Save Money
Here are some tips to bear in mind when dealing with your financial situation.
These Renovations Will Decrease Your Home Sale Value
Ask yourself twice before doing any of these home renovation projects. Are they worth your money?
These Leftover Foods Tips Will Save You Money!
We throw away an awful lot of food, but why throw leftover food away when it has so many great uses.
15 Golden Tips to Start Living a Better, Happier Life...
These 15 little tips sound like small things, but they can make your life that much better.
If Your Leather Items Are Dirty, Here's What to Do
If you want to clean your leather items yourself, you'd better read this...
How to Beat Knee Pain While Going Up and Down the Stairs
Knee hurts while climbing stairs? These tips might just help.
The BEST Craft Idea For the Little Princesses in Your Life
Make this cute princess charm you can hang on a bag, and it's both easy and fun!
Discover 7 Ways to Make Your Home Smell Great
Check out these seven wonderful ways to keep your home smelling clean and fresh without breaking the bank!
Practical Tips on Adjusting a Home to be Senior-Friendly
Take note of these useful tips that will help you make your home more accessible and safe for your life ahead.
How Observant Are You? Can You Spot What's Wrong Here?
So how's your observational skills and eye for detail? Can you identify what's wrong with this picture? See if you can spot all 21 mistakes.
I Never Knew Scarves Could Be Tied in This Many Ways!
25 creative ways to tie a scarf in less than 5 minutes
Do This to Revive a Drying Houseplant
Whenever one of your houseplants suddenly looks ill, do this trick.
Solve Common Issues With Your Clothes Using These 20 Tips
Keep your clothes in perfect condition with these nifty tricks!
50 Great Kitchen Hack That Everyone Should Know About
Spending time in the kitchen makes you realize that you can do things a lot quicker than you thought possible. Let me share my tips with you.
Apple Cider Vinegar Is Far More Versatile Than You Imagine
Apple cider vinegar is gaining a reputation around the world for its incredible versatility. Find out 13 great ways you can use this miracle liquid.
Wow, I Never Knew it Was This Easy to Check a Battery!
Did you know you can actually find out if your battery is empty or not? This little tip only takes 2 seconds to do.
Vicks Has So Many Different Uses. Here Are 8 of Them!
Vicks can be found in households across the globe. This is a very useful ointment which has many unique uses. Check some of them out here.
Keep Your Oven Clean with This All-Natural Cleaner
This non-toxic all-natural oven cleaner will keep your oven looking spick and span.
Can't Stop Overthinking? This Insightful Guide Is For You
Do you overthink? This guide will help you manage your thoughts better.
Wow! Check Out These 12 Unexpected Uses of Home Appliances
From steaming towels in a rice cooker to cooking salmon in a dishwasher, these alternative functions are bound to amaze you!
10 Popular Beauty Products That Are a Waste of Money
Some beauty and self-care products are just a waste of your money, and all 10 of these popular items are better off in the trash...
Genius Hotel and Packing Tricks You’ll Surely Appreciate
These invaluable tricks will help you get around 18 common traveling problems, particularly those that deal with hotels and luggage packing...
Spectacular Potted Plants At Home Take Just 11 Easy Steps!
Plants are both beneficial to our health and make our homes look better. Here are 11 easy steps to having fabulous potted plants in your home.
The Art of Persuasion: How to Be More Convincing
Learn the basics to becoming a more verbally persuasive person.
12 Words You Probably Didn't Know Were Acronyms
Without even realizing it, we are frequently incorporating many acronyms into our everyday lives!
15 Awesome Tips Just For Women!
At home, at work or in the middle of the street, there are situations that only women can understand. The following 15 tips are for women only!
Used Teabags Don’t Belong in the Trash! Use Them Like So
If you’re a regular tea-drinker, then hold onto your teabags after each cup and make good use of them at home with these tricks.
Stunning! The Evolution of Beauty From 1952 to Today
Our definition of beauty may change as years go by but these pictures prove that true beauty is timeless.
10 Features to Look For When Buying a New Washing Machine
If you’re buying a new washing machine, you should keep these tips in mind first.
How to Clean and Organize a Leather or Fabric Wallet
Your wallet has more germs than a toilet, but most rarely clean theirs. This guide will walk you through deep cleaning and organizing your wallet.
Wasting Time: 5 Misconceptions About Time That Delay Us
How to use our time in a way that will help us to bring happiness and success.
Who Knew Mustard Had So Many Helpful Uses?
10 uses you may have never known you can put mustard to.
Cucumbers Are Incredibly Versatile: 7 Ways to Use Them
Cucumbers may be nutritious, but they are incredibly versatile too! Here's how you can use cucumbers outside of your salad.
Christmas Tree Hacks: 9 Game-Changing Tips
Use these Christmas tree tips to make your holiday festivities easier.
These 12 Colorful Fish Can Be Easily Kept In Your Home!
Whether you've always wanted to raise fish in your home aquarium or you already have one and you're looking for new varieties to add, this is the article for you!
LIFE HACKS: 30 Practical Uses for Olive Oil!
3o things you can use olive oil for other than cooking with it.
Which Meat Cuts Offer the Best Return on Investment?
Buying every cut of meat, this video will compare them all and their return on investment.
Here's Why You Should Start Using Eggshells in Your Garden
If you throw all your eggshells in the trashcan you're missing out as they can be very beneficial to your garden. Here are 6 garden uses for eggshells.
20 Incredibly Useful Matchbox Tips from a Century Ago
Did you know that matchboxes used to contain a bit of handy advice? Here are 20 tips from our ancestors.
Don’t Throw Out These Foods When They Hit The Expiry Date
All 14 of these foods shouldn’t typically be tossed when they reach their expiration date, and you’re about to find out why.
This Is Why You Should NOT Reboil Your Water!
It can be tempting to reboil water for your hot drinks. But when ordinary water is over boiled or reboiled, the chemical compounds change for the worse. Learn about it here.
GUIDE: Are You Feeding Your Cat Right?
To help cat owners with this task, we've created a guide on the recommended daily amount and type of food to feed their cats.
14 Tips to Give Tired Old Furniture a New Lease On Life
Have you got a pieces of furniture or fixtures and fittings that are looking tired? Try these 14 tips to give them added longevity and a new lease of life.
Orange Peels: Read Our Full Usage Guide!
I have at least 45 good reasons for you not to throw those orange peels away. They're really helpful and healthy in so many ways!