The recession may be coming. It was not too late for preparation.

If the United States is about to Enter the recessionAs some economists fear, it will be one of the most expected shrines in modern memory.

Americans had a lot of time to prepare. But are we ready?

First, some background: three years ago, with the economy recovery from the brief covid-19 stagnation, economists were already We are talking about another contraction. Russia had invaded Ukraine. The inflation was rising. The interest rates were high.

The months have passed, and no stagnation has reached, and hope decreased that the United States may be fulfilled.Soft landing“In the sense that there is no stagnation.

Now, recession fears have returned. president TrumpImporting tariff campaign, among other factors, shook consumer confidence The stock market was terrified.

march CNBC Federal Reserve Survey Put the recession by 36 %, up from 23 % in January. Senior economists in Jp Morgan Put the probability by 40 %.

He said that the American economy or not, has struck a “slow patch.” Veronica WillisGlobal Investment Strategy at the Wales Fargo Institute for Investment.

Whether you are The poor cash consumer Or a The highest 1 % profitHere are some steps that you can take to protect your money.

Paying the debts of credit cards is easier than doing it, especially in the decline.

However, if you have resources, this will be the perfect time to get serious in reducing high -benefit debts. The average credit card interest rate is 24.2 % hugeAccording to LENDINGTREE.

The financial schemes say that to achieve a den in your debt, you will need to do more than the monthly batch: double, add $ 100, or pay a percentage of your income.

If you are bound to cash, turn the debt into another loan at a lower interest rate.

If you have good credit, think April credit card. You will not pay any benefit for 15, 18 or 21 months. Every dollar you pay reduces your debts.

Instead, transfer the balance to a The home stock line of creditOr even a personal loan. You may pay 8 %, 10 % or 12 %. This is better than 24 %.

With the high cards rates, dealing with this debt exceeds any other financial goal – including savings.

For people with cards debt, “it is usually not logical to build savings, because the interest rate you get on savings is much lower than the interest you will pay on the debt,” he said. Sean HiggensAssociate Professor of Finance at the Kelog College of Administration at North Westren University.

If you are free of cards debt, this is a good time to assess your savings.

Many financial experts say that the Americans must store enough emergency savings to cover the expenses from three to six months: About $ 33,000, on averageAccording to Investopedia.

There are emergency savings for such times, when the workers are We are concerned about their jobs. However, 27 % of Americans have No emergency savingsBankrate reports.

“Of course, it is easier to save when the times are good, which inspects your job,” he said, he said, he said, ” More StatmanAnd author And a financial professor at the University of Santa Clara.

A few American families can raise $ 33,000 in savings, especially when the times are difficult.

Instead, consider more modest goals: contribute to a specific amount of monthly income for emergency savings. Put the money in a High -yield savings account. Think hard before the raid of calculating anything less than the actual state of emergency.

Now it is not necessarily the time to cancel your European vacation.

“This will be, in my opinion, an exaggerated reaction,” said Statman. “People need to live. People need to enjoy.”

However, it may be good to plan for the future for this vacation, or any large unexpected expenses. Put money aside now so that you do not drain your savings when expenses arrive.

He said: “You should think, will I need a new car in the next few years? Do I have money for that car?” Timothy McGrathApproved financial scheme in Chicago.

It is the classic investor dilemma: stock prices were sunken, but you don’t want to sell when you drop.

“If you are proud of retirement, years of retirement,” said Higgins.

If anything, the current climate may be “a great time to buy arrows, because you get them with discount.” When the market recovers, your wallet will be more than ever.

It is difficult to avoid “low sale” if you are already retired and your savings decline.

He said, “You don’t want to withdraw from an aggressive portfolio during stagnation,” he said. Seth MackeenCertified financial scheme in Charlotte, North Carolina.

Ideally, retirees have less shares. Experts say they should search for ways to cover their expenses without selling shares that reduce value.

When the stock market is hindered, investors are reminded of a value.Diversification“The most dangerous stock balance with less volatile bonds and other fixed income alternatives.

But it is not easy to diversify when the stock market is already in a state of chaos.

“It is too late to start thinking about withdrawing from stocks, because you have already seen this recession,” Willis said.

However, you may find opportunities to diversify in a fragile market.

“The good thing is that market fluctuations are not only in one direction,” Willis said. “You get days when the market ends.”

Take a look at your mix of stocks and bonds. The large market gains for 2023 and 2024 may have left you with higher allocation than the shares than you want. If so, look for opportunities to sell shares when prices are high, and re -invest those dollars in bonds.

Alternately, you can just sit and wait for the market to settle. It is easier to diversify when the shares are high.

“The important point is, the recession,” said Higgins.

This article originally appeared on Usa Today: Do we go to the recession? Here’s how to prepare.