How to Financially Prepare for 2019
What’s so big about 2019 that we have to encourage you to prepare for it? It is the opinion of financial experts that we will begin the year in a recession.
True or not, preparing financially is always a wise idea. You never know what’s around the corner.
In this article, we will offer 6 tips on how to financially prepare for 2019. We will cover saving, two areas of your job situation, debt and spending.
1. “Save” Yourself
It never hurts to regularly put aside a little money from each paycheck and leave it. Saving will leave you less to spend, but that could work in your favor. Take care of your priorities first, and then put aside some money from the surplus. Saving 10% is a popular guideline, but if you can’t handle that, try 5% or even 1%.
The point here is that you’re preparing for the “just in case” scenario. Anything is better than nothing.
2. Job Hunt
There isn’t a single industry that is immune to a recession. The so-called “job security” days are over.
No matter how “secure” you feel in your current job, keep your options open without unduly endangering your current situation. Be watchful. If you see signs of vulnerability at your job, then you have all the more reason to keep a new arrangement in your peripheral.
3. Side Job Hunt
If you can make some extra money on the side, it could beef up your situation for now. If you lose your main job, at least you have something to fall back on.
One possible side job is investing in bitcoin. You might use a cryptocurrency trading robot like Bitcoin Code. Could be an extra source of income.
4. Pay Down or Pay Off Debt
Sooner or later, excessive credit card debt will come back to bite you. Why not pay off your credit card debt and use it to buy only what you can afford to pay cash for? This will help you build credit over time and could prove useful, recession or not.
Experts recommend that you start by paying off the higher interest cards, and then work your way down.
5. Examine Your Spending
Of course, making more money is a huge part of the equation. However, your spending habits will determine how successfully you can manage it. Spending within your means will keep
6. Just Do It!
Procrastination is a sneaky enemy in all areas of life, but in financial matters, it can be dangerously costly. But if you take action on one or more of these tips, you will save money in more ways than one.
We hope you found these 6 tips helpful. And whether or not you believe there is another recession beginning in 2019, taking action will do one of two things:
- It will provide some protection for you and your family in the event of a recession.
- It will put you and your family in a far better financial position if there is no recession.