It's best to have planned ahead to survive an economic crisis. It is wise to save up to a year's worth of expenses in case your employment is at risk. Save enough for food, clothing, utilities, car payments, mortgage payments, etc., for up to a year. Credit cards should be used sparingly during good times and credit card bills, preferably, paid in full each month.
If you have not already planned ahead, start! Document all your expenses and income. You can use one of the many free "household budgeting" software programs available on the Internet. Find out how your income compares to your usual expenses. You'll know if you've accounted for everything when the net savings you calculate match the savings you actually have.
To plan in earnest for tough times ahead, don't underestimate your expenditures. Resolve to reduce or postpone some outlays if your expenditures are likely to exceed your income. For example, you may need to suspend or reduce retirement plan contributions. Redirect the money to emergency savings instead.
Finally, people with no debt and good emergency reserves may actually be able to benefit from the deflation (reduction in price levels) that sometimes accompanies recessions. Consider buying real assets (investment property) or stocks when property and share prices are low.
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