Should You Be Preparing For A Recession

America may be headed toward a recession. Some say that we have already arrived, while others say that the "scaredy cats" are just crying wolf and there is no recession in sight. Everything, so say some, is just fine and getting better every day. I'm not going to take either side of the argument, but it has been my experience that it is better to be prepared for bad times.

The evidence is actually pretty strong that a recession is either in progress or about to be in progress. Gasoline is hovering near the $4 per gallon mark with predictions that it could reach $5.

With the increase in fuel cost, the price of everything else has risen dramatically ? food, clothing, housing, etc. ? while wages have stayed stagnant ? at least for those who still have their jobs. There have been a lot of jobs lost. Maybe there isn't a recession, and maybe we aren't technically in a recession, but being prepared cannot be wrong.

Batten down the hatches! When a storm is brewing out on the open sea, that's what the sailors do, and that's what you should do. Stop the leaks; become frugal. Stop using disposable items like paper products and start saving as many dollars as you possibly can.

Pay down your debt as quickly as possible. When a recession happens, you can bet that interest rates will go through the roof. The less money you owe on those credit cards, the better off you are going to be.

Invest in nonperishable food items. Food is only going to get more expensive. Stock up on canned goods and staples like flour, sugar, coffee, tea, cooking oil, dried beans and peas, rice, etc.

Making preparations for a recession will not prevent all of the pain of a recession, but the better prepared you are, the better you will weather the storm that is brewing.

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