Nearly 1 in 5 Americans are stashing cash at home in fear of a recession. (via CNBCMakeIt)
. However, saving up only three months of living expenses is for someone who knows they can get a job quickly, she adds. For example, a nurse. Nurses are in high demand and it's a job that you can find pretty much everywhere., such as an aerospace engineer or a psychobiologist, it may be more difficult and take longer to find another position if you're laid off.
Many people are already. About 40% of Americans say they have started saving more money to support themselves should the U.S. experience an economic downturn, according to MetLife's survey.Almost half of Americans, 43%, told MetLife they're living paycheck to paycheck. If that's you, take the time to get your finances in good shape before a downturn hits.
Put together a monthly budget so you can identify where you're spending money and where it may be possible to trim, Aliche recommends. This is going to look different for everyone. For example, it might mean packing your lunch more often or opting for a cheaper cable package — or it may require some bigger changes, such as finding a more affordable apartment.
But if you're able to live below your means, it gives you a bigger savings cushion and some breathing room if you lose your job. That's because if a recession does occur, you may need to worry about. When economic growth slows, companies typically generate less revenue and may need to lay off employees.
"You should not be living at capacity because you want to be able to pivot," Aliche says. When the last recession hit, Aliche lost her $50,000 teaching job at a non-profit school. But because she was only spending about $30,000 a year, it was easier for her to find a collection of jobs that covered her living expenses.
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