Modern Money - How to prepare for a recession

Before we dig into how to prepare for a recession, let’s define exactly what it is.

Forbes defines it as:

“Two consecutive quarters of negative economic growth. During this period, which can last anywhere from months to even years, unemployment tends to rise quickly and retail sales fall sharply.”

Interest rates are rising, inflation is at a 40-year high, and gas prices have recently eclipsed the $2 per litre point.
With rising costs of living, here’s how to put yourself in a better position to survive a recession:

Downsize debt

Yes, it’s an obvious point but it’s the most crucial one. If you have a high interest credit card or line of credit, aggressively reduce your balance. While not ideal, you may have to dip into these funds in the thick of a recession so the more you have, the better off you’ll be with this temporary action.
Strengthen your savings

Create a balance between reducing your debt load and bolstering your savings to avoid using credit to get through a recession. Regardless of how much your savings amount currently is, try and stay consistent with contributions. Every dollar helps and puts you in a stronger place financially. 
Balance your budget
Now is a smart time to review your personal budget and make intelligent changes.
Reallocating funds so more goes to debt reduction or increasing savings is an easy tactic.
Really look at what can be cut (expensive coffee, dining out multiple times per week, etc.,) and what is fixed (mortgage, car payment, etc.,) to get a clear picture of your true budget.

Reduce your bills
Call your telecommunications provider and simply ask what can be done to reduce your monthly bills.
Often, they’re able to do something, whether it’s a short-term promo or a fixed reduction.
Use coupons as much as possible, be strategic when going to the gas station to find the lowest rates, use electricity/utilities at off-peak hours as often as possible, make your own meals opposed to often ordering. 

Start a side hustle
It’s easier than ever to make extra cash, whether it’s dog walking, voice-over work, data entry, surveys, creative work, etc. If you need to boost your income and only have a few hours a week to spare, there are plenty of options available.
Plus, it may turn into a full-time job/career.

Revamp your resume
Downsizing is part of a recession and it can’t hurt to have a current resume on hand.
Use your network and ask for endorsements via LinkedIn to boost your profile.
Connect/reconnect with people in your network so if anything does happen, it won’t be awkward calling that person you haven’t spoken to in months/years.