(John) Welcome to Money Matters on Southern Bank's Financial Wellness Network. I'm John.
(Jessica) And I'm Jessica. Today the topic is what to do when we're in a recession.
(John) Jessica, whether we call this a recession or not, times are tough, and we all have to get through them.
(Jessica) How do we navigate these troubled waters, Captain John?
(John) If you don't have a budget, it's time to make one. If you do, it's a good time to review and adjust as necessary. Next, if you're feeling squeezed, cut all unnecessary expenses. That could include dining out, delaying a vacation, or canceling one or more of your streaming services.
(Jessica) This is also a good time to consider creative ways to increase your income.
(John) Right. Maybe a weekend job or look at ways to make your hobby or talent income-producing.
(Jessica) Then there are those credit cards.
(John) Yes. This is the perfect time to focus on paying off all high-interest debt and reducing credit cards, where possible. Also, ensure you have a thousand dollars or more set aside in an emergency, rainy-day fund.
(Jessica) What about investments?
(John) Talk to your financial advisor about minimizing risk and preserving capital. Keep up to date on the latest economic news and trends.
(Jessica) Your goal is to protect your finances and weather the storm.
(John) Exactly. See you next time on Money Matters on the Financial Wellness Network.
(Jessica) Financial wellness starts here.