Economists say we’re heading for a recession. Here’s how to guard against bad news.
of Canadians are concerned that a recession will occur by the end of the year. While you can’t fully recession-proof your finances, you can take a few steps to protect your funds during an economic downturn.recommends avoiding big-ticket purchases, such as a car or vacation.
Instead, stash that money into an emergency fund, says Ahmed-Haq. To figure out how much you will need, she recommends writing down your necessary expenses for three months, including grocery bills and utilities. Then, calculate your monthly average from that amount. Ideally, your emergency fund should cover three to six months worth of expenses.
You don’t necessarily have to park your emergency funds in a chequing account. Ahmed-Haq suggests putting it into an investment account that’s not an RRSP or TFSA, which will probably pay you better than a high-interest savings account. Money market accounts are very liquid, which means you can easily get that money out, she adds.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Recession risks are rising: We explain whyFinance reporter Stephanie Hughes explains why economists are predicting a recession to hit Canada in 2023. Watch here.
اقرأ أكثر »
Reward points are changing, housing market drives rentals, and Elon Musk pushing his limits: Must-read business and investing storiesPlus, the IMF predicts a possible recession for Canada
اقرأ أكثر »
Bank of Canada sees worst drop in business sentiment since 2020Most businesses and consumers think a recession is likely within the next 12 months
اقرأ أكثر »
Bank of Canada sees worst drop in business sentiment since 2020BREAKING Most Canadian businesses expect recession in next 12 months, BoC survey reveals
اقرأ أكثر »
Posthaste: Why Canada's economy may be in more trouble than the IMF thinksRecession in Canada will be worse than in U.S., economists say
اقرأ أكثر »
Posthaste: Why Canada's economy may be in more trouble than the IMF thinksRecession in Canada will be worse than in U.S., economists say
اقرأ أكثر »