It is redundant to even talk about the fact that, in the current complex circumstances in which we live, it is important to find a certain level of stability and security. On the other hand, it is not too difficult to achieve something that will give us a secure future.
In the last six months, both economists and consumers have been obviously worried about the growing inflation, but this concern is also quite rational, bearing in mind the current events in the world, especially in Europe. Although some experts still claim that we are not in a recession, there is certainly a question of what awaits us in the future. Regardless of how the macroeconomic picture of our country and the world looks at the moment, being financially prepared is always an extremely wise move.
Experts recommend that you expand your network of contacts in such difficult times because it is in these kinds of circumstances that a sense of community is created, where the human spirit finds its full meaning
Economic experts from around the world share advice on how every company, as well as every individual, should prepare for the coming recession. We highlight some of them below:
Increase your emergency fund
According to experts, in times of recession, it is necessary to monitor your spending and create a special fund for it. Then investigate where you can cut costs, such as unnecessary subscriptions, dining out, entertainment, etc. Perhaps even more important than increasing your savings is to spend some of your funds on cash investments such as high-yield savings accounts.
Diversification of your financial means
Although this kind of advice could perhaps be applied to a greater extent to markets that are stock-oriented, it is certainly not a bad idea to allocate your funds – income and investments – in different directions and areas. If it happens that one of the deals you focused on falters, you will have security elsewhere. Try to look at the situation from different angles, so that you invest in markets where you have not been present before or in areas that have not attracted your attention so far because as economists say, not all markets will suffer the same impact and the same consequences. See it as your opportunity!
Make a fixed-term money deposit in the bank
Economic experts are unanimous in their opinion that depositing money in the bank fixed-term is not only the safest way to save but also by far the most profitable, considering the interest on such a way of saving. Certainly, before you make a fixed-term deposit, you need to look at all the various offers and choose a bank wisely. For example, UniCredit Bank Serbia has an excellent offer for fixed-term savings this summer. You can find out more about it on the bank’s website https://www.unicreditbank.rs/ or by inquiring in the nearest branch.
Concentration and determination
You can make the worst decisions out of fear and irrational behaviour caused by the current geopolitical situation and the negative impact on the markets. Don’t let that distract you and make career and business mistakes that you can’t fix. Focus on keeping your thoughts as realistic as possible, observing carefully each situation and giving yourself peace of mind.
Expanding the network of contacts
As much as it may seem that you are communicating with someone out of pure interest, trust that it is completely legitimate. Experts recommend that you expand your network of contacts in such difficult times because it is in these kinds of circumstances that a sense of community is created, where the human spirit finds its full meaning. You never know whose help you may need and whose help might be crucial at a given moment.