One helpful strategy to navigate your finances during a recession is to follow the 50/30/20 rule.
Regularly monitoring and adjusting your budget or spending plan is essential to stay on track during a recession.
Start by assessing your outstanding debts and creating a repayment plan prioritizing high-interest or those with the smallest balances.
Setting aside at least three to six months of living expenses or establishing an emergency fund to provide a buffer if something unexpected happens.
When making investment decisions during a recession, it is important to prioritize long-term investments over impulsive choices.