How to Protect Your Income During a Recessionby Dough Roller
1. Protect Your Job: In a recession, for most people keeping your job should be the number one priority. This may mean putting in a few extra hours, working a little harder, and improving your skill set. Those that stay employed during a recession generally weather the storm just fine. While the unemployment rate is still relatively low, it is very likely to go up. And the last thing you want is to be looking for a job with an unemployment rate of 8%, 10% or even higher. 2. Be Ready For Layoffs: While we should do everything we can to keep our jobs, some number layoffs are inevitable. And they may happen to me; they may happen to you. No matter how secure you think your job is, be ready for the unthinkable. This means having your resume updated, knowing what friends and colleagues you’d contact for job opportunities, and knowing where you would apply for a job. Some time ago I published an article with some tips and online resources on what to do if you lose your job. It’s worth checking out. 3. Earn Extra Money: I’ve long preached the benefits of earning a second income. I make extra money blogging, but that’s just one of many, many ways. The beauty of extra income is that it goes right to the bottom line. If you need $5,000 a month to live on, even $1,000 a month in extra income extends your emergency fund by 20%. It can make a huge difference if you ever lose your job. Here are some ways you can earn extra money.