Protect your financial health during a recession with our expert tips.

Recession is likely to impact all the 3 health pillars – financial, emotional and physical. To emerge healthier / navigate better this situation an individual can adopt the following steps :

• Build an emergency corpus of at least 6 months of your monthly expenses. These can be in the form of cash, liquid / arbitrage, savings a/c, short term FDs etc.

• Curb your entertainment expenses and spend on luxurious goods / services.

• Postpone big ticket expenses like vacations, purchase of debt funded assets, capital expenses like refurbishment of house etc.

• Port your housing loan (if any) to another bank / NBFC and extend the repayment period to reduce your EMI.

• Fill in any gaps in your life or health cover to mitigate risk of life / illness.

• Learn a new skill set, proactively take up additional responsibilities in organisation, build alternative source of income (freelancing / consulting / teaching)

• If you are self employed rework on strategies on cost, logistics, pricing etc. of your service / product to stay ahead of competition.

• Exercise regularly, remain healthy and be cautious about any mental health issue; seek help immediately.

• Always stay positive, organisations and customers always like to interact / work with people who exuberant positivity.

• In dire situations, you can monetise assets / investments like jewellery, land etc., without affecting your lifestyle and / or taking interest free loans from friends / relatives.