‘I’m a Finance Expert, and This Is How to Prepare for a Recession—Particularly if You’re Living Paycheck to Paycheck’

For help, we turned to two finance pros for advice.

Create a budget

First, McCreary recommends creating a budget.

For example,many people spend money on unnecessary unlimited data plansfor their phones.

The same goes for car insurance.

Woroch and McCreary recommend shopping around and negotiating better rates.

Any little bit it’s possible for you to save counts.

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Examples include tutoring, pet sitting, dog walking, or offering services as a freelancer.

Its best to prioritize debt with the highest interest ratesa repayment strategy known as debt avalanche.

In other words, focus on paying off high-interest debt first.

Woroch says the key is finding a credit card with cash back benefits that match your spending style.

Woroch adds that you could also use other tools to stack your cash back earnings further.

For instance, she recommends using theFetch Rewards app,which rewards you with points for scanning receipts.

you’re free to then redeem those points for gift cards.

Cash-back plug-ins likeRakutenalso allow you to earn money for online purchases you were already going to make.

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