- Dual-income families should save at least 3 months’ worth
- Single earners should put aside 6 months or more
- Entrepreneurs should set aside 1 year of expenses
Those recommendations are nothing new at all, except I've never seen the time frames broken down like that. Usually I see that everyone should have 6 month's worth of cash set aside for emergencies, and that seems reasonable. I'd think even dual-income households should put that much away, assuming they can afford to.
Me? I'm not doing much of anything to prepare for a recession, but that's only because I've got so little money to work with. But for argument's sake, if I did I'd be stocking up on non-perishable foods and other household consumables (like shampoo, soap, and the like) to hedge against inflation. And I'd do that
right now, because inflation is already getting bad. Christ, a little thing of cream cheese is over $5, and that's outrageous!