[1:20 PM] Roneisha Smith
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5 Ways to Prepare for a Recession and Slowing Economy

Updated: Jun 18, 2023

2023 is finally here, but economy experts have warned about a recession and economy slow down. Some experts believe the economy is already in a recession.

The economic cycle, also known as a business cycle, refers to fluctuations of the economy between periods of expansion (growth) and contraction (recession). Factors such as gross domestic product (GDP), interest rates, total employment, and consumer spending can help to determine the current stage of the economic cycle. (Investopedia)

A couple of experts believe we are in the contraction phase, however do not panic! We are here to help you navigate these tough times with these 5 easy tips.

Tip #1 - Acquiring A New Job Skill

Getting a new skill different from your current job skill set is a good way to prepare for economic headwinds. Mutree Learning Solutions provides a faster way to become an Agile Scrum Master in multiple industries. Enroll online today www.mutreesolutions.com

Tip #2 - Getting Rid Of Your High Interest Credit Card Debt

With interest rates rising rapidly, one great way to keep your debt low is to pay up or get low interest loan or transfer high-interest debt to a credit card with a 0 percent rate.

"If I owed any money at 18%, the first thing I’d do with any money I had would be to pay it off." – Warren Buffett - BERKSHIRE HATHAWAY CHAIRMAN AND CEO

Tip #3 - Budgeting And Building Your Savings

Ask yourself where can I reduce monthly expenses? Eliminating small expenses like multiple streaming subscriptions e.g. Netflix, Hulu, Disney+ can help boost your savings.

Tip #4 - Being Savvy With Investing

The market usually slumps before a recession, so this may be a good opportunity to invest for the long term or even take advantage of tax loss harvesting for loosing investments.

Tip #5 - Making Sure You Are Getting Deals

Make sure you are getting good deals for every major purchase you make e.g. furniture, electronics, new car, house. Apps like Gas Buddy, RetailMeNot, Flipp, PricePulse, Honey Coupons, Groupon, Cash back and Rewards cards are a must.

Keep Your Head Up!

Keep your head up! It's a new year, believe in yourself. To learn more about tech roles like the Agile Scrum Master role, visit our homepage where the course is listed.

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