With Australia now officially in recession, its more important than ever to safeguard your finances.
You cant control what the economy is doing, but you can take precautionary measures to protect yourself in case you lose your source of income.
Here are six ways to stay financially fit during an economic downturn.
1. Boost your emergency savings
Aim to have around 3-6 months worth of living expenses set aside. This amount should be enough to cover rent or mortgage payments, bills and essential purchases like food and medication.
With fewer opportunities to spend during the pandemic, you can use this as an opportunity to give your savings a boost.
Working from home? Take the money you would usually spend on public transport, lunch or cof…
Read the full article at: https://au.finance.yahoo.com/news/6-ways-to-protect-your-money-during-a-recession-230250586.html