TRACK YOUR SPENDING NOW
You might be feeling financially invincible when things are going well — no matter how much you spend, there always seems to be enough left over at the end of the month to make sure all the bills are paid. But, you really aren’t sure where all of the money goes.
MINIMIZE DEBT WHEN POSSIBLE
When you’re employed in a great job that pays you a nice salary and bonus, it can be reasonable to make all your monthly debt payments and still take three vacations a year.
However, cutting back to two vacations during the good economic times and paying down debt can mean you don’t have to cut back as much when a recession hits.
MAXIMIZE YOUR VALUE TO YOUR EMPLOYER
During the Great Recession, unemployment peaked at 10 percent in October 2009, according to the Bureau of Labor Statistics. As high as that sounds, that means the nine in 10 people still were employed.
To increase your chances of weathering the recession without losing your job, focus on what you can do today to increase your value to your employer, such as improving your communication skills and taking on new tasks to increase your versatility as an employee. That way, if your employer has to make cuts during the next recession, your head won’t be on the chopping block.