[Bethany]

I’m not trying to predict or time anything. But IF there were to be a recession in the next 6-8 months what would you do to prepare? We have an EF. Would you beef it up?

We only have one income right now as I stay home with kids. Again I’m NOT trying to time anything so don’t yell at me. Just trying to be prepared to do the basics – pay mortgage, buy food, keep electricity on, etc.

[Ariel]

Aren’t we already in a recession?

[Scott]

Buy some skills that can be utilized in a recession.

Education, traits, etc….

Sell your toys;

Boats, ATV’s, motorcycles, now…before we go into a “iF there were to be a recession” scenario.

[An Drea]

I think about these things, too. It wasn’t raining when Noah built/stocked the ark. For me I balance physical preparedness (we live in earthquake country) with financial preparedness.

We have some cash literally in hand, 3 months in the bank, then high yield savings accounts and our retirement accounts. Really, do things that bring you peace.

That’s what this is all about.

[Dan]

Any time that you are nervous about something like this it’s not a bad idea to increase your emergency fund and cut back on expenses. Best to be prepared rather that surprised.

And hey, if it doesn’t happen then you’ll have extra money for investing or other worthy expenditures like an awesome family vacation or some memorable experience!

[Brian]

Take as much cash as I can and invest it. And yes, I’ve been doing this since the 1988 recession.

[Sarah]

Depends on the current financial situation. I have four kids and big bills so I always have plenty of cash readily available.

I personally wouldn’t need to do anything differently than I’m doing now.

[Lindsay]

Where is the income from? Is the job in high demand or would it be hard to find another?

I usually answer your question for myself by trying to determine how affected I would be by a recession happening. Or what the likelihood of me losing income would be.

[Daniel]

A side hustle that can be done from home would be helpful, depending on the age of the children.

A moderate amount of extra income could provide that cushion you need to give you a bit more peace of mind.

[Author]

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