BUSINESS CENTS
6. Live Within Your Means
When you've finally gotten to a place in life where you can afford nicer things, it may feel as if those comforts are deserved. Experts, however, recommend spending no more than a third of your net income on discretionary expenses. If you don't know what percentage you're spending on wants versus needs, you may be overdue for a monthly budget overhaul. Stop spending that extra money and put it into savings, instead. If there's a splurge you're unwilling to give up, like your Spotify subscription, try compromising elsewhere. Ride your bicycle to work instead of taking an Uber, and keep making cuts until your discretionary spending is under control.
an additional source of income can mean the difference between sleeping at night or tossing and turning over financial woes. Continue padding your savings in times of prosperity by picking up a side hustle. A part-time job or small business not only brings in extra income, but it also provides you with a safety net should your first job fall victim to recession layoffs. Whether you repair iPhones on the side or bartend on the weekends, channeling your interests or hobbies into a second income could provide a financial cushion.
7. Lower expectations
Having it all is mostly a myth that few attain. You may need to adjust your expectations of what can be achieved in terms of saving and investment during a recession. And purchasing some big-ticket items may need to be deferred until the economy picks up again. Do a little soul-searching and set some priorities.
8. Start Investing in the Stock Market
Investing in the stock market these days is easier than ever. A quick Google search provides endless investment how-to articles and videos, and a handful of stock trading apps make browing
"Stop spending that extra money and put it into savings, ...."