THE FRESH BYTES
Create a pool of emergency funds by keeping some savings aside from the salary so that you can use them for tough times.
Clear your debts immediately and decide which debts need to be of utmost importance, like credit card bills, utility bills, or car and housing loans.
Hire a financial advisor who can look into the financial aspect and help you with the corrective measures.
Evaluate your monthly budget and know what expenses you can cut from the monthly bills, like frequently eating in restaurants.
Invest in a diversified portfolio to have an extra income source that can save you during a recession.
Consider updating the resume on different job portals, so you get the opportunity quickly, even if you lose the job.
Keep the high-cost obligations aside for a certain period—for example, high-interest rate debts like using credit cards.
Know the balance between income and expenses. If expenses are more than the income, cut back on unnecessary costs.
Improve skills, look for better job opportunities that offer better stability, and look for additional sources of income.