With financial advisors and economic experts all over the world warning about signs of an upcoming recession, now is a great time to take a closer look at your finances and make a plan to recession-proof your life. From creating a budget to paying off high-interest debt, there are steps you can take now to ensure that you not only survive but thrive in the event of a recession.
Refinance Your Home
Know where you stand and give yourself some breathing room. You can get a jump on a recession by looking at your current bills and taking out consolidation loans or refinancing your home while fixed interest rates are low. By replacing your current mortgage with a new one that gives you access to your home’s equity, you’ll have extra savings if times get difficult. Other perks to refinancing could include eliminating PMI, shortening your loan, and reducing monthly payments.
Try doing the same if you have high-interest debts and other outstanding loans. Reducing your debt now will help you in a recession.
Boost Earnings With a New Job
Finding a new or side job for extra income could be another great way to give yourself better financial security when heading toward a recession. Consider using a free online resume template to create a resume you’re proud ofto improve your chances of landing a good job. You can find and use customizable templates by choosing your own font, colors, and themes, among other design options. This will help your job application stand out.
When searching for a job, try to remember that industries are changing, and it’s currently an employee’s market. As you negotiate possible opportunities, remember to advocate for yourself. In difficult economic times, your ability to keep a healthy work schedule by doing something you enjoy will pay off in terms of both your finances and mental health.
Manage Recession Stress and Anxiety
For many people, even the idea of a recession comes with great stress and anxiety. Doing what you can to take care of your mental health is important. Consider taking the following steps to reduce stress and manage anxiety concerning finances:
- Hire a therapist
- Make sure you’re getting enough sleep
- Eat healthily
- Plan breaks
- Start a new hobby that’s affordable or free
- Spend time with family and friends
- Start a journal
- Talk to your doctor about alternative, less expensive medications
- Set boundaries around work versus home life
- Start a side hustle for a stream of extra income
Self-Care and Special Moments
Whether you have started a new job or are looking for one, refinanced your house, or are comfortable with your recession-friendly budget, it is important to engage in self-care and celebrate special moments. Doing so will give you the confidence and energy to get through hard times. Visit Graceful Story today for great tips to help you feel your best in challenging times.
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