Are you afraid of a recession? You should be because a slowdown in the economy affects a lot of things such as employment rate, the price of goods and services and your ability to borrow money from the bank.
Since you dont know when this can happen, experts advise consumers to always have an emergency fund. While some decide to invest it in stocks and bonds, others have decided to put this in the bank. When Lehman brothers filed for bankruptcy, this made others believe that their banks could also go under so some people have decided to keep their cash under their mattress.
The definition of a recession simply states that there is a negative growth for two consecutive quarters. Since this one is different from what the country has ever faced, people are advised to take drastic steps to survive the financial crisis.
One thing you have to do is to cut down on your personal expenses and only buy the essentials because no one knows when the recession will end or even if the bailout that was signed into law will work. The same goes if you have a business because monitoring your finances is the only way to make sure you are financially stable.
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