Personal finance contributor Christopher Liew explains how an economic recession could affect your finances and offers his tips to ensure that you're prepared for what's to come.
, according to a recent RBC report. This will likely be caused by higher prices and interest rates across the board.heading toward an economic recession as early as the first quarter of 2023Today, I’ll show you how an economic recession could affect your finances and give you a few tips to ensure that you’re prepared for what’s to come.A recession can have several negative effects on your household finances.
If you have a unionized job or a government job, your position may be a bit more secure. However, nothing is promised, so make sure that you do what you can to prove your value to your employer.If you’re used to receiving quarterly or annual bonuses, then you may be in for disappointment this coming year. Just as many businesses will have to cut employee hours, they’ll also have to cut additional spending on bonuses and other rewards.
In this case, recent grads may find it easier to join the gig economy, move back in with their parents to save money, or develop new skills and wait for the economy to improve.If you operate a service-based business such as landscaping, snow shovelling, house washing, or doing custom audio installations, you may see a dramatic drop in your clientele.
by 75 basis points to 3.25%, and many Canadians have already seen an increase in credit card interest rates.If you’re applying for a small business loan, trying to mortgage a home, or need to finance a new car, then you’ll likely undergo higher levels of scrutiny. In addition to higher interest rates for all loans, applicants may be subject to more rigorous screening or required to make a higher down payment on the amount they’re financing.
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