1. Review your expenses, Cutting back on wants can help to free up cash for emergency savings that may be needed during the recession.
2. Lower your dependency rate, If you spend 95% of your income on a regular basis, your dependency rate is 95%, meaning that 95 cents of every dollar coming into your household
3. Pay down debt, After reviewing your expenses and lowering your dependency rate - apply as much as you can to paying off high interest debts.
4. Beef up an emergency fund, In good times, it’s wise to save enough to cover your living expenses for at least three to six months.
5. Decide where to stash cash, Look into savings accounts and consider certificates of deposit (CDs
6. Add new streams of income, Where will all this money come from? Options can range from traditional part-time jobs, entrepreneurial side jobs, online gigs,
7. Consider a home equity line of credit, Do so only as a last-ditch source of emergency funds and you have a safe, realistic plan for repaying the debt.
8. Keep funding your retirement, Don’t scale back if you can help it, even to free up funds to deal with the fallout of a recession.