How can I prepare my household for recession?

Answer by  rbiales (3441)

Your family members can work for each other, employing each other to do for the family what others used to be paid to do, like make meals, entertain, etc.

Answer by  Kurt (4579)

#1 Do not incur any more debt and pay off the credit card balances you have. # 2 Increase your emergency savings. # 3 Reduce your expenses. # 4 Increase your income with supplemental income if possible. $ 5 Change your lifestyle to live more economically. A family can live happily on things that do not cost as much.

Answer by  coxdjustinuseless (123)

When prepareing for a recession it is good to build up a savings account that will cover bills and general expenses you encounter in a 3 to six month period.

Answer by  Roland27 (16334)

Start saving money whenever you can. Set a side an emergency fund. You can start a savings account but it's nice to put some cash in a safe at home. Cut back on all of the unnecessary things in your household such as take out and those expensive coffees from Starbucks. Put the money you would have spend into savings.

Answer by  tamarawilhite (17883)

Pay off your debt. This guarantees a rate of return equal to the interest rate, something the stock market isn't doing lately. It also reduces the monthly outlay of debt repayment, reducing your minimum income requirements in case of unemployment. Where possible, pay off all debt. Also build up a large emergency fund of 6 months or more of income.