I'm sure many of you have heard that the white house has said that a recession isn't inevitable, which makes me think that it is, in fact, inevitable.

I've purged unneeded subscriptions, eating out, and now I only travel by car when necessary, which is fairly often unfortunately. what else can be done to soften the blow?

  • Owl [he/him]
    ·
    2 years ago

    Try to be prepared for extended surprise unemployment. Some companies will downsize, and it'll be hard to get back in, as a lot more will freeze hiring. Cutting costs and saving up are good ways to do that. Setting aside some rice and beans are a good idea too, since food inflation looks to be so likely.

    If you're lucky enough to have steady employment and a comfortable safety fund, a recession is actually a good time to put money into the stock market. Just put a fixed amount per week or month into an index fund and try not to think about it. You'll lose money while the market is going down, but you'll end up having bought more while it was low, so you get a good deal overall. In a few years when the market stops shitting itself, it'll turn into a nice pile of money. Obviously, if you can't afford to set aside money that you won't be able to use for years, you can't participate in this. I never said it's a good system. In fact, if it was a good system, I wouldn't be here.