If there’s a recession coming, how can you weather the storm?
Posted July 21, 2022 7:03 am.
Depending on which columnist you read or pundit you watch, it seems likely that Canada is headed for a recession in the not-too-distant future. People treat that word like it’s the end of days, and many Canadians will definitely be feeling the pinch, but there are also things you can do that may mitigate the strain a recession will put on your personal finances.
What those precautionary steps look like depends heavily on your financial situation. But regardless of your tax bracket there’s always something you can do, even if that something is a step that many people are terrified to take when it comes to money: recognizing that there’s an issue, and asking for help.
Kelley Keehn is an author and personal finance expert. She joined us on the show to talk about the different considerations people need to make when deciding how to best insulate themselves and their families from economic stress. For her, one of the most important steps is gaining a more complete understanding of your finances.
“I promise you, you’re just going to feel so much better once you know your situation, what your options are, now you have a plan of attack as opposed to just worrying and catastrophizing, because if you don’t know what your situation is, you’re probably worrying about it a lot more than you should,” she said.
You can also find it at thebigstorypodcast.ca.