REVIEW YOUR INSURANCE COVERAGE
Reviewing your insurance can help you not only make sure you’re not overpaying, but also ensure that you’re adequately protected. During a recession, your budget is likely tighter than usual, so you don’t want to overpay on premiums.
But, that doesn’t mean you should automatically take the cheapest option. If something happens and you’ve chosen the cheapest option, the extra costs could be untenable at a time you need the help the most.
START A SIDE HUSTLE
Even if you’re able to make it on just your salary, consider getting a side job you can do on your own time to supplement your income. You might tutor students, teach a musical instrument or start your own consulting business with the skills you learn at your day job.
Not only can a side hustle provide extra money, but also if you lose your main job, you have a separate income stream to keep yourself going.
CUT YOUR UNNECESSARY EXPENSES
No list of how to survive a recession would be complete without mentioning cutting your expenses.
“You need to break your living expenses into two categories: necessary living expenses and luxury expenses,” said Gorman. “The necessary ones often can’t get cut — groceries, electricity and so on. But the luxury ones — vacations, dinners out — you need to review and see if they are necessary.”