Advertisement


Last updated September 6, 2022 | By Team Money


5 Things You Must Do Before The Next Recession


We are reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers.

Is a recession coming? It’s possible ... and scary. Everyone is wondering what will happen. Especially with inflation, gas prices, and home values going crazy.

By preparing now for a potential major downturn in the economy later this year, a recession might affect you less than others who don't prepare. 

Some ideas to consider:  

1. Don't overpay when you shop online

Shopping online has its perks. It's super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don't always work!) and opening tons of browser tabs comparing prices, you can try Capital One Shopping.

Capital One Shopping makes saving money effortless. Just add the browser extension and when you check out, it'll scour the internet for coupon codes to help you save cash. And before you check out at favorite stores like Amazon, Target, and more, Capital One Shopping will notify you with a friendly pop-up if the item you're buying is available cheaper somewhere else.

Capital One Shopping is free to use and won't show you ads. Add it today and stop overpaying! 4

Get Capital One Shopping now

2. Cancel your car insurance

We've got bad news. You could be wasting $500 every year on overpriced, second-rate car insurance. And you should probably cancel your existing insurance right now, because there's something much better.

This new tool from FinanceBuzz can tell you if you're overpaying for your car insurance in just a few clicks. On average, we find around $500 a year in savings for drivers. And once you try it out, you'll never have to look for affordable insurance again because we find you the lowest rates that other companies can't match.

Oh, and it's also free. And come on — you can't tell us you don't want to save up to $500. To find out if you're losing up to $500 or more a year, just enter your postal code here, answer a few questions and see if you're overpaying. It takes less than 2 minutes.

See if you're overpaying

3. Pay no interest until December 2023

Imagine getting 18 billing cycles with 0% interest on a balance transfer or a big purchase.  You could dramatically change your financial picture with this industry-leading low-interest card - the BankAmericard®️ Credit Card.

If you want to kick high-interest credit card debt to the curb, this is one of the best get-out-of-debt cards available. Transfer your high interest debt to this card with a 0% intro APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days. Your payments can go directly to paying down your balance without incurring a pile of additional charges. That could save you hundreds of dollars in interest!

It doesn't just stop with balance transfers though. Cardholders also get a generous intro APR of 0% for 18 billing cycles on purchases. After the intro period for purchases and balance transfers, the APR is 14.49% to 24.49% variable.

The best part? There's no annual fee.

Click here to Apply Now

4. Prepare for market volatility by diversifying with gold

Stock market volatility can be financially damaging, especially as you near retirement. You could move your investments into a savings account, but have you seen interest rates lately? Another option to consider — diversify with gold.

Gold values are inversely correlated with the stock market and the dollar. When one goes down, the other usually goes up. If you want to protect your retirement funds, having diversified investments may be able to help you weather market swings.

Gold Alliance is a reputable precious metals dealer that specializes in precious metals IRAs. They make it simple to transfer funds from your current retirement account (like a 401(k) or IRA) into a precious metal IRA — with no taxes or penalties.

Gold Alliance offers a free gold information kit to help you learn more about why gold and silver could be a smart choice for diversifying your portfolio, and how the process works. 

Get your free guide now

5. Ask this company to pay off your tax debt

Tax debt is overwhelming. It weighs on your mind and causes massive anxiety. You end up emotionally and physically drained from it. And it’s even worse when the IRS starts calling you and sending letters about wage garnishment and huge fines.

Even if you want to pay it off, it’s scary enough to stop you from ever making progress.

Easy Tax Relief is designed specifically to help you get out of tax debt faster and could even eliminate some of the debt you owe. While most tax companies just put you on a payment plan and file your taxes for you, Easy Tax Relief communicates with the IRS for you, and can help you pay off your tax debt faster while potentially reducing what you owe.

Fill out this form to get started

6. Earn a $200 cash rewards bonus with this incredible card

When it comes to rewards credit cards, sorting through the hundreds of options can be overwhelming. And if you’re new to credit cards, the idea of juggling multiple cards or monitoring ever-changing spending categories can be downright stressful.

That’s why the Wells Fargo Active Cash® Card Rates and Fees is such a smart choice. You can earn unlimited 2% cash rewards on eligible purchases  — easy! That's one of the best cash rewards options available. 

Plus, new cardholders can get a one-time cash rewards bonus — $200 cash rewards bonus after spending $1,000 in the first 3 months. Use your card just for essentials at the gas station or grocery stores, and you can easily meet the spending requirement.

The best part? There's no annual fee.

Click here to apply now

7. Don't let home repairs drain your bank account

Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more. Not being able to make repairs could leave you in a bad situation — but a home warranty could protect you against surprise expenses.

Whether you’re a brand-new homeowner or you’ve owned your home for years, a plan from Choice Home Warranty could pick up the slack where homeowner’s insurance falls short.

If a covered system in your home breaks down, you can call their hotline 24/7 for assistance to get it repaired. They have a network of over 15,000 technicians that can assist you, making sure any issue can be taken care of swiftly — without breaking the bank.

Not sure if it’s for you? Rest easy: they were named one of the "Best Home Warranty Companies" by US News 360 Reviews and were awarded Best Company's 2020 Consumer's Choice Award. For a limited time, you can get your first month free when you sign up for a Single Payment home warranty plan.

Get a free quote