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.
Ten Tips You Need to Consider to Save Money
Here are some tips to bear in mind when dealing with your financial situation.
Should You Be Spending or Saving on These 10 Foods?
Everything we put into our bodies affects our health, but is it worth spending more money on certain foods to enjoy more benefits? Read to find out...
Never Overdraft at the Gas Station Again
Let us catch you up to speed - learn what a credit or debit card hold is, how it puts you at risk of overdraft, and how to avoid it.
Downsizing? Here's What to Do When Moving in
Consider downsizing? Here are a few useful things to consider before, during, and after the move.
Discover 10 Surprising and Effective Uses for Dryer Sheets
Who knew that even something as simple as a dryer sheet could have so many more useful uses? Discover 10 of them right here!
Don’t Buy Into the Trickery: How Airports Make You Pay
This video explains all the major locations in your average airport that exists just to “ease” you from your hard-earned cash
How to Use Ice Cube Trays to Make Delicious Dishes!
I had no idea there were such creative and delicious uses for the ice cube tray!
Before You Buy: 8 Important Tips When Buying New Clothes
In this article, we'll discuss the difference between natural and synthetic fabrics as well as 9 essential tips for evaluating the quality and comfort of fabrics.
Video Tutorial: How to Speak More Clearly
In this video, we will learn how to speak clearly and so we are easily understood.
Do You Know How to Use a Tape Measure? Are You SURE?
The humble tape measure is a more sophisticated tool than you thought...
Give Your Feet a Treat With This Great Homemade Foot Soak
This simple, homemade foot soak uses only two ingredients to ensure your feet look and feel great!
Say Goodbye to Rotten Fruits & Veggies with These 12 Tips
The way you store your groceries can affect their shelf life. These 12 tips will help keep your fruits and vegetables fresh for longer.
I Never Knew I Was Doing All These Things Wrong!
28 things we all do daily but somehow still get it wrong
14 Incredible Egg Tricks For Egg Lovers
14 tricks and tips for cooking eggs!
Try this Ancient Indian Method for Removing Body Hair
An ancient and natural method that both men and women have been using for centuries to get rid of unnecessary hair from their bodies.
This Short Grilling Tip Will Make Your Food Taste Better
Learn the best type of smoke for your grill and how to create it at home.
Make Your Bathroom a Comfortable Space with These Hacks
Keep your bathroom organized with these essential hacks.
Financial Planning for Widowhood - 7 Important Tips
Losing a spouse can be extremely stressful and overwhelming. But there are some important financial steps you must take immediately.
Impress Your Friends and Family with These 12 Magic Tricks
Check out these 12 simple yet astonishing magic tricks that require nothing but a couple of packs of cards and some common household items.
10 Neat Kitchen Tricks and Hacks Every Cook Must Know
Neat tricks to help around the kitchen
Scent Your Home with this Simple 3-Ingredient DIY Diffuser!
I never knew making your own home diffuser can be this easy!
Make Your Life Easier With 20 Brilliant Tips!
A collection of brilliant tips that you can find use for every single day.
Your Pet May Be Depressed! Watch Out for These Signs
Is your pet behaving weird? it might be depressed. Here are some telltale signs your cat or dog might be suffering from pet depression.
A Smarter Approach to Measuring Body Mass Index
The body mass index can actually be misleading. Here’s what you should use instead.
Is Perfectionism Running Your Life? Here's What to Do
Are you a perfectionist, and do you feel like it is ruining your life? Here's what to do about it.
Quick and Easy Ways to Defrost Your Car Windscreen
Going to your car and finding the windscreens covered in ice is one thing that annoys us all. Here are three easy ways to quickly defrost your car windows!
Christmas Tree Hacks: 9 Game-Changing Tips
Use these Christmas tree tips to make your holiday festivities easier.
10 Nifty Uses for Cooking Spray You Never Thought Of
I bet you never thought of using cooking spray in these alternative ways...
Grow Anything You Want With This Gardening Collection!
Enjoy our collection of seven gardening posts that'll cover everything you need to know to grow your own plants.
15 Time-Saving Cooking Tricks to Make Your Life Easier
Try out these various food hacks that are clever and easy and are sure to change the way you eat.
The Best Natural Methods to Controlling Excess Sweat
While sweating can be good for you, sometimes it can be embarrassing and cause a foul odor. Discover natural ways to prevent excess sweating.
Struggling to Wake Up Early? Here are 8 Habits to Avoid
Do you do any of these bad habits in the mornings?
5 Incredible Secrets 5-Star Hotels Use to Do the Laundry
Achieve outstanding results with these incredible laundry tips
Learn What Your Plant is Trying To Say By its Condition
Our plants give signs of what they are in need of through the physical characteristics they exhibit. Learn how to interpret these signs with this handy guide.
10 Tips to Washing Your Car the Right Way
Here are a few tips on how to effectively wash your car without damaging the paint or leaving marks.
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.
23 Simple & Helpful Life Tips Everyone Should Know
Quick and simple tips that will help you handle many of life's more irritating moments...
We Need to Bring These 25 Phrases Back From the Past
These common expressions from the past are so fun to say. Many are still used but the rest are due to make a comeback any day!
11 Superb Solutions to Turn an Old Looking Item into New
With these secrets, your old-looking items will look brand new once again!
Clever Ways to Hide Your Money and Credit Cards
Don't let the burglars get your hard earned cash! Learn how to hide it like a pro.
Persistent Bad Breath? Not With These Natural Remedies
Don't worry, there are plenty of natural remedies for this problem!
DIY Body Oils: Nourish Skin with These 6 EASY Recipes
Nourish your skin with these amazing homemade body oils.
WARNING: Don't Keep This Product in Your Car
Hand sanitizers can be found in plenty of vehicles, maybe even in yours, but is it wise to store them there?
There's a Reason Our Grandmothers Stored Bacon Fat
What are the uses for bacon fat? You'll be surprised what you can do with it.
20 Gardening Tips That'll Turn Your Thumb Green
This video will help you grow just about anything.
How to Distinguish between Chinese, Korean, and Japanese
After reading this guide, you'll be able to tell the Chinese, Korean, and Japanese languages apart!
A Simple, Easy Guide for Writing Your Living Will
It's not something you want to think about, but writing your will is sure to lift a huge burden from your shoulders. Here's a simple guide.