Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

What can you do to prepare for the coming recession? Signs of a downturn include: Watch video version 8 tips to survive the coming recession 1. Make a spreadsheet of all your income and outgoings. I cover this in my books and many of my podcasts. This is vital if you are going to get control of your finances and a must during a downturn when your income will be squeezed. 2. Tighten your belt. Cut out all unnecessary expenditure and check those standing orders and direct debit‘s to get rid of memberships and services you no longer require or use. Unfortunately, this has a knock on effect on businesses and almost becomes a self filling prophecy driving the world further into recession. 3. Reduce credit card balance or pay off if possible. With credit card interest running anywhere between 18 and 40%, it makes no sense to have money in the bank earning less than 1%. You should still have a cash reserve but if you can pay off cards or switch them to lower interest or interest free deals then by all means do so as