EP.90 6 things to do in a recession
A recession is a significant decline in economic activity across a wide range of sectors and industries. Right now as I recorded this episode the UK is not currently in a recession. It's not been forecasted by the Bank of England, but there is a lot of talk about it is likely based on what is going on with consumers. A recession usually lasts for a prolonged period, typically six months or more. They can have a significant impact on our lives, both financially and emotionally and during a recession, it is important to be proactive and take steps to protect your finances. Here are six things you can do in a recession: 1- Build up your emergency fund to cover at least three months of essential outgoings. Make a budget and stick to it. 2- If you have debt, consider consolidating your debts into one lower-interest loan 3- Review your investment portfolio and consider selling any non-essential assets. 4- Look at your mortgage 5- Check your insurance to make sure you are adequately covered against things like sickness, unemployment, and accidents. 6- Review your pension and make sure you are on track to meet your retirement goals Listen to find out more. You can also head over to our sponsor Evolution Financial Planning for regulated advice - https://evolutionfinancialplanning.co.uk/