First, calculate your monthly expenses and determine how much you can realistically save each month. Consider automatically transferring a percentage of each paycheck — such as 10% or 20% — rather than a fixed dollar amount. This approach scales your savings as your income fluctuates and helps build the habit of living below your means.Setting up automatic transfers from your checking to your savings account each payday removes the temptation to spend money before saving it. This “pay yourself first” approa ...

CocoSan / Getty Images There are several strategies you can use to recession-proof your finances, from budgeting to diversifying your portfolio. Key Takeaways Stay in control of your finances by creating a budget and adjusting it as needed. Build a healthy emergency fund, which is crucial to avoiding high-interest debt in the event of an unexpected expense. Diversify your investments across stocks, bonds, and other assets to mitigate risk in the event of an economic downturn. Develop multiple incom ...