It’s the infamous R-word again.
Last month, the U.S. went into a technical recession (at least according to the dictionary), when it was confirmed that its economy had shrunk for two consecutive quarters.
Europe, too, seems to be bracing for an economic downturn that may do little to tame high inflation that has already made many consumers brace for the worst.
Naturally, all this talk about inflation and a looming recession may have you worried about your finances.
But there are a few things you can do right now to be ready for whatever is ahead.
#1: Keep a budget and reduce your expenses
First, it's important to know how much money you spend every month.
One way to do this is by writing down your expenditures or using a budgeting app that will help you track your daily, weekly, or monthly expenses to see where you need to trim unnecessary spending.
There are several expense categories you can easily cut back on, including club memberships, entertainment bills, eating out, and Netflix.
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