7 ways you can recession-proof your finances


A recession is coming. Here’s how you can shield yourself against it

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Experts have been hinting at, or rather anticipating, a looming recession. And if this has you worried about your finances, you’re certainly not alone.

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According to BMO’s Real Financial Progress Index, nearly eight out of 10 Canadian adults are making changes to their lifestyle because of recession fears.

While it can be daunting to know where to start in terms of offsetting the consequences of a recession, there are some easy ways to prepare for it and make some extra cash to cushion your bank account in the meantime.

Turn your talent into a side hustle

Have you ever wondered if that special skill of yours could be lucrative? With Fiverr — an online marketplace for freelance services — you can find out.

Whether it be blogging, video editing, website design or even more unique services like writing someone’s online dating profile, Fiverr is a great place to earn some extra money on your terms.

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You also have the ability to make multiple listings if you have different services you wish to offer, so you can really amp up your money-making opportunities. Getting set up on Fiverr couldn’t be simpler — you just create your profile, list your gig and you’re good to go.

Get paid for being online

Nowadays, most people spend a good chunk of their time on the internet. And believe it or not, you could be making money by doing things you already do online every day.

Swagbucks is a fun online rewards program that gives you gift cards and cash for the everyday things you do online. Whether it be browsing the web, watching videos, playing games or shopping at your favourite retailers, Swagbucks will turn your time spent online into cash.

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Signing up is simple and free. Then, all you have to do is continue surfing the web as you normally would and you can redeem the points you earn for cash via PayPal or for gift cards from retailers like Amazon.

Find flexible work

Taking on another job to boost your savings can build a healthy emergency fund to support you during a recession.

If you’re looking to make some extra cash here and there amidst your everyday responsibilities, FlexJobs is the place to go.

FlexJobs is an online job board for remote, part-time and freelance jobs to help people find flexible jobs at all levels of their careers.

Signing up is easy — just fill in a bit of information about yourself and your work experience and FlexJobs will provide you with relevant postings so you can start recession-proofing your bank account with extra income.

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Hone old skills and learn new ones

The more skills you’ve sharpened, the more qualified you’ll be for plenty of job opportunities as the economy’s uncertainty spirals.

Whether you want to perfect something you already know or learn something new, Skillshare is a great place to start.

Skillshare is an online learning space with thousands of classes on lots of different topics — from cooking to writing to entrepreneurship and more.

When you sign up, you’ll get a two-week free trial to test out the waters and see what’s available. From there, you can start learning from experts across different fields, and you won’t have to load up your backpack and walk to campus to do so.

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Let your voice be heard

Survey Junkie is a platform that rewards you for your opinions and is one of the simplest ways to earn some extra cash amidst economic volatility — plus, you can do it from home.

All you have to do is sign up with a bit of information about yourself and you can start to take surveys about products you use and places you go. You’ll start earning points within minutes.

Once you accumulate $5 in rewards, you can redeem them for gift cards at places like Amazon or Walmart or as PayPal payouts.

And if you complete three surveys daily, you can earn up to $40/month — not bad for a gig where you don’t have to get up from the couch.

Make your spare change count

You don’t have to be an expert on the markets to start investing. In fact, you don’t even need to think twice about investing with the help of Moka. Moka is an automated investing app that rounds your purchases up to the nearest dollar and invests the spare change on your behalf.

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All you have to do is connect your bank account when you sign up and spend as you normally would. From there, Moka will make sure your spare change isn’t going to waste, but rather giving your future finances some extra padding.

That money that might’ve typically gone to a gourmet latte can now go towards safeguarding your financial future.

Enhance your productivity

With the pressure of making sure your finances are ready for a recession comes the inevitable burnout from working hard to make sure you’re financially sound.

If you’re in need of a little motivation to enhance your productivity and stay on track, LinkedIn Learning is a great resource.

It’s an online learning platform that helps people discover and develop the most in-demand business, tech and creative skills through courses taught by industry experts.

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Courses on topics such as time management, morning habits of high performers, managing career burnout and administrative tips are just some of what’s available to you. Plus, when you complete a course, you can add a certificate of completion to your LinkedIn profile, which gives you a leg up in the eyes of potential employers.

Sign up today to start learning and get your first month as a member for free.

This article was created by Wise Publishing. Wise is devoted to providing information that helps readers navigate the complex landscape of personal finance. Wise only partners with brands it trusts and believes may be helpful to the reader. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.



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