According to a m/2022/10/13/how-to-prepare-for-a-recession.html#:~:text=Delaying%20big%20purchases%2C%20reducing%20debt%3A%2076%25%20of%20adults%20are,prepare%20for%20a%20potential%20recession&text=Eighty%2Dfour%20percent%20of%20adults,concerns%20about%20inflation%20have%20increased.]new survey, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Below is the summary of the findings:

• 34% of Americans are delaying major purchases like a home or a car
• 29% are paying down debts
• 28% are planning to reduce holiday spending
• 24% are allocating more income to savings
• 24% are staying in a job they do not enjoy

If ever a recession hits, there is likely to be a downsizing-i.e., a lot of workers are most likely to lose their jobs. Experts have suggested that emergency savings would act as a financial cushion. Here are m/2022/07/06/how-much-cash-you-need-for-a-recession-according-to-advisors.html]their recommendations below:

• 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

In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.