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Pay off your debts

This probably seems like an obvious piece of advice, but it’s important to conquer this often intimidating feat. If you have credit card debt, the compounding interest likely feels insurmountable.

Consolidating your debt will allow you to save money on interest, lower your monthly payments, improve your credit and pay your debt off faster — so you can be ready for a recession without the nagging feeling of unpaid debts following you around.

With Credible — an online marketplace of vetted lenders — you can shop around for debt consolidation loans to make the task of cutting down your debt manageable.

After answering a few simple questions about yourself and your finances, Credible will provide you with a list of loan rates from top lenders within minutes. You can decide which works best for you and compare loans all in one place.

Meet your retirement goals effortlessly

The road to retirement may seem long, but with WiserAdvisor, you can find a trusted partner to guide you every step of the way

WiserAdvisor matches you with vetted financial advisors that offer personalized advice to help you to make the right choices, invest wisely, and secure the retirement you've always dreamed of. Start planning early, and get your retirement mapped out today.

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Stay invested in your future

Even though the future might not look so bright, don’t give up on preparing your finances for it. You’ll want to stick to your savings plan and invest what you have leftover — even if it’s just nickels and dimes.

Acorns is an investing platform that rounds up your purchases to the nearest dollar and automatically puts that spare change in a smart investment portfolio. Basically, the platform provides you with an easy way to cushion your finances in case of a recession, without having to think too hard about it.

It costs just $3 a month, and signing up takes less than five minutes — all you need to do is provide a bit of information about yourself, link your bank account and spend as you normally would and Acorns will take it from there.

One way you can keep track of your investments is through Monarch Money.

With Monarch Money you can set financial goals, access personalized advice and track your net worth. To get started, all you need to do is download the app, make an account and start enjoying your seven day free trial.

Stop overpaying for insurance

It’s more important than ever to take a closer look at your budget and make sure you’re not spending more than you need to be. Many people overlook their insurance policy as a cost cutting measure, but you can actually save hundreds of dollars a year if you shop around for a better rate.

BestMoney Auto is a platform that makes comparing car insurance easy ensuring you find the best rates in your area.

Within minutes of answering a few questions about yourself, BestMoney will provide you with a list of quotes and even check for discounts so you can ensure you’re getting the best price possible and not blowing up your budget.

Compare auto insurance rates with BestMoney to pay less for your peace of mind.

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Moneywise Moneywise Editorial Team

The Moneywise Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Moneywise Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.

Disclaimer

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