76% of Adults are Making Lifestyle Changes to Prepare for a Potential Recession

[xSkylarx]

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

With the continuous weakening of our local currency and continuous climbing of inflation rate, people here don't care anymore if a recession will happen. I live in a 3rd world country so most of the people here just go with the flow on their daily living. Minimum wage is not enough to sustain oneself since prices of basic commodities have shoot up to the point that whatever saving techniques you do, it is not enough. Only the people that belongs to middle-class and above are able to prepare if a recession is bound to happen soon.

[Strongkored]

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

The predicted recession can actually make us prepare for the worst, but that's if we were not previously involved in consumptive debt such as cars or luxury goods that are not too important or their value is rapidly dropping, unfortunately more young people in my country already involved in such debt, and there are many more whose income is not sufficient for their daily needs, these people just hope that they still can working and a help from government that have little impact

[nikokovacic90]

The whole world seem to face a difficult time different than before. Lots of speculators been saying that the things will heat up with Octobers end... It feels like something big is coming...

According to a m/2022/10/13/how-to-prepare-for-a-recession.html#:~:text=Delaying%20big%20purchases%2C%20reducing%20debt%3A%2076%25%20of%20adults%20are,prepare%20for%20a%20potential%20recession&text=Eighty%2Dfour%20percent%20of%20adults,concerns%20about%20inflation%20have%20increased.]new survey, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Below is the summary of the findings:

• 34% of Americans are delaying major purchases like a home or a car
• 29% are paying down debts
• 28% are planning to reduce holiday spending
• 24% are allocating more income to savings
• 24% are staying in a job they do not enjoy

If ever a recession hits, there is likely to be a downsizing-i.e., a lot of workers are most likely to lose their jobs. Experts have suggested that emergency savings would act as a financial cushion. Here are m/2022/07/06/how-much-cash-you-need-for-a-recession-according-to-advisors.html]their recommendations below:

• Dual-income families should save at least 3 months’ worth
• Single earners should put aside 6 months or more
• Entrepreneurs should set aside 1 year of expenses

In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

[pawanjain]

That is a good thing because prevention is better than cure. It's better to prevent mishappenings due to recession rather than feeling guilty later.
Whether a recession happens or not, the steps taken now to prevent it will only benefit us in the next few months.
I would say it's better to have at least a year's expenses worth of savings aside just in case things go haywire.

People are now applying adjustment and saving as much as they could so dealing with the recession in the future won't be hard. We can't blame them for changing their lifestyle because everything is rising and getting expensive nowadays. We have to leave some of the things that we used to do and focus on more valuable things just to save for the future which is a good move. If we'll live a luxurious life now, we might lose the chance of preparing for the future crisis.

Yes ofcourse. We need to prepare for the worst in our future and also have to plan our retirement well before we retire.
If not done so then we have to face the consequences later and it will be too late by then to take any action.
This is the reason why many investors and financial planners advice to plan for retirement right from you start earning.
This is the age when we can work hard and secure our future in case things go otherwise.

[justdimin]

Of course, we had already been warned, and if you followed the economy a little, you could see that at some point in the near future we were going to have another crisis, regardless of the war that is happening, because the solutions to the 2007 and 2020 crises were a flight forward by the central banks by flooding the markets with liquidity.

This is also what Germany did after World War I. They were hit by sanctions so they printed money and created big inflation and recession, which is why Hitler was able to give people purpose and create jobs, even when the purpose of these jobs were to make war machines and munitions.
Lots of similarities between that time and now with what Putin is doing. Reduction of country's population and giving people an enemy to fight usually works against recession.

It's not really similar because in this situation there is no war, it was the pandemic that caused people to print money. And this time around there is no "coming back from war" type of extra jobs. Back in 50's and 60's USA lived the richest period of its life. Because, tech was improved enough to actually do something with the man power, and since men came back from the war, there were a lot of people willing to work.

This created a boosting economy where there were new things all the time, and they were all working to get better, and there was money to be spent as well. This time, there is none of them, just a handful of wealthy people becoming even wealthier.

[radjie]

The recession really has a tremendous effect, especially in certain countries. This affects many parties, not only people who already have heavy dependents but also young people who also have to give up their pleasures a little. In fact, the consequences of this recession are unavoidable, everyone has to face it, somehow. Rearranging finances, controlling excess activity especially just for temporary pleasure, trying to get income from other sources of income, and others. I see many people complaining because their income is fixed while expenses are very high and increase due to rising costs and prices of any kind. And when you want to get additional income, it is not as easy as we expect.

Indeed this is not easy, but it is very necessary, especially on this one point:

• 28% are planning to reduce holiday spending

during pandemic and the long lockdown experienced by almost all people in the world, many of us had the chance to contemplate on many things in life. and this catapulted to change of lifestyle to many people. many people change their priorities in life and live simply. i guess, this recession won't be hard to many of us now as we experienced a lot of setbacks in the past couple of years. and learned what are the important things in life that we can devote on.

in fact, there are still many people who are wasting money after the lockdown was relaxed during the pandemic, they feel free as if they were living a new life when Covid-19 was declared to have entered the green zone.  Carrying out activities as usual is even more wasteful to spend money in shopping centers, vacationing like people who are taking revenge because they have been confined for a long time due to the lockdown.  but this time there is a threat worse than a global recession that could destroy the economy.  Some adults certainly think of dealing with this recession in their own way, who are worried that if the value of a country's currency is not valuable, there will be threats of poverty and hunger due to high prices of various commodities due to inflation.
it's good we should also try to use vacant land to grow crops to anticipate a very bad economic collapse if the currency of the country we live in becomes worthless

At first glance I once read an article that one country became poor because the local currency was worthless, bought 1 kilogram of tomatoes with a few piles of money they had

[Eternad]

With the continuous weakening of our local currency and continuous climbing of inflation rate, people here don't care anymore if a recession will happen. I live in a 3rd world country so most of the people here just go with the flow on their daily living. Minimum wage is not enough to sustain oneself since prices of basic commodities have shoot up to the point that whatever saving techniques you do, it is not enough. Only the people that belongs to middle-class and above are able to prepare if a recession is bound to happen soon.

The sad reality that poor countries experiencing, people will just rely in governments. Hopefully people will still be able to save atleast for these events, it will benefit them once recession occurs. It’s hard to always rely in reliefs from governments or to be a burden to others. If we already live in a poor country we must aim high to survive than to just stay poor. Good to those who have mindset to prepare for crisis and hopefully many will inspire to also save for emergencies.

[jaberwock]

I doubt majority of my countrymen even know what a recession is. They probably don't know what that means and whether that's coming or not. So preparation is definitely not done. Normal people don't really make economic forecasts. But the irony is that they are at the receiving end of all this. So they are definitely feeling it. They probably don't know what this is but they know very well that the prices are rising and the worse might yet to come. But they're seldom preparing.

As a matter of fact, saving is seldom done by many people in my country. Most are basically daily wage earners who cannot survive 3-6 months on savings alone. They're living on a one scratch, one peck basis.

This is the sad truth for the poor living on developing countries. U.S is a well developed country and people there are so advanced that even the adults now know what is an economic recession and they are now ready to face it. For a poor person, the economic recession is like a normal event that is being felt from time to time due to their difficult situations.

Less jobs, and then prices of the goods are rising. It's impossible for these people to save up for a long time and even if they separate some money, it will still be used up later on. Economic recession or not, all the items in the op should be followed. It was like delaying self gratification to be more successful in life.

[Fortify]

According to a new survey, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Below is the summary of the findings:

• 34% of Americans are delaying major purchases like a home or a car
• 29% are paying down debts
• 28% are planning to reduce holiday spending
• 24% are allocating more income to savings
• 24% are staying in a job they do not enjoy

• Dual-income families should save at least 3 months’ worth
• Single earners should put aside 6 months or more
• Entrepreneurs should set aside 1 year of expenses

In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

The writing is on the wall right now, we had almost a decade of the good times and now it is time to pay it all off. We're already seeing stocks dropping slowly month after month in major indexes around the world, it could easily continue throughout 2023 unless there is some great news like the war in Ukraine coming to an end - that might see a happiness bump and alleviate some of the problems. However Putin is a stubborn man and Ukraine will not back down either because their land has been invaded. Unfortunately he is a barbaric man so it could get worse before it starts to get better, the sooner he is gone the sooner the world can be more peaceful again and economies start to stabilize.

[KingsDen]

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

With the continuous weakening of our local currency and continuous climbing of inflation rate, people here don't care anymore if a recession will happen. I live in a 3rd world country so most of the people here just go with the flow on their daily living. Minimum wage is not enough to sustain oneself since prices of basic commodities have shoot up to the point that whatever saving techniques you do, it is not enough. Only the people that belongs to middle-class and above are able to prepare if a recession is bound to happen soon.

This is the harsh reality.
Many people are predicting or speculating on what to do to avoid the looming recession, while there are many who doesn't care about the recession, who doesn't care about the inflation because every day of their life there is recession and there is inflation. There are many who doesn't think about projects that they will execute for a whole year, there are many who only thing and care about what they will eat for that particular day and the next day they will continue to pray and hustle fir another mealto arrive.

This is the harsh reality of life, the life is not that balanced and the politicians of some countries have contributed more to their woes.

[Ryu_Ar1]

In the last few weeks I've read a lot about Recession, Recession Threats and so on.
I really don't want to be naive about this because it's really good to be prepared for this but there are some things I can say here.
I don't refuse by preparing and making some plans about anticipating the Recession, but for me, who incidentally lives in an environment that is actually lagging behind and with a mediocre economic condition, actually every day even before it was crowded, I have also felt the Recession for myself personally. .
What I mean is that when we want to prepare, we actually don't have to wait for it to get crowded first because indeed when preparing now with the recession already in its early stages it is still good but this seems like we are not ready because when the recession starts we have already prepared.

[Note3]

In the last few weeks I've read a lot about Recession, Recession Threats and so on.
I really don't want to be naive about this because it's really good to be prepared for this but there are some things I can say here.
I don't refuse by preparing and making some plans about anticipating the Recession, but for me, who incidentally lives in an environment that is actually lagging behind and with a mediocre economic condition, actually every day even before it was crowded, I have also felt the Recession for myself personally. .
What I mean is that when we want to prepare, we actually don't have to wait for it to get crowded first because indeed when preparing now with the recession already in its early stages it is still good but this seems like we are not ready because when the recession starts we have already prepared.

The preparation only can be done by people that already have an assets and the income can cover all daily needs not with people in third world country.
People from the third world can only hope that there is no riot because this can also happen when many people can no longer get food.

[348Judah]

I don't refuse by preparing and making some plans about anticipating the Recession, but for me, who incidentally lives in an environment that is actually lagging behind and with a mediocre economic condition, actually every day even before it was crowded, I have also felt the Recession for myself personally.

We just need a speedy intervention for this recession of a thing and nothing could have advanced to this if not the inflation we are all currently battling with, don't be surprised that not only your locality or country was bernnaffected by this, it a global challenge and everywhere is been affected, what we should be running after is on hiw to provide a lasting solution to the effect and this has also bring in about creating an alternative means to sustainable economy, bitcoin is already solving part of it, you discover that when you run an independent economy.

What I mean is that when we want to prepare, we actually don't have to wait for it to get crowded first because indeed when preparing now with the recession already in its early stages it is still good but this seems like we are not ready because when the recession starts we have already prepared.

Dont depends on what the economy or government serves to give you, work out your own sustainable means, try as much as possible to be decentralized, avoid liability assets, cut your cost, increase your income and budget well with your financial assets, things cannot always be thesame as it has always been.

[Smack That Ace]

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

The US economy previously reported negative growth for 2 consecutive quarters, in theory, they have officially entered a recession but the Fed and the government still say there is no recession, this is just a diversion and understatement to avoid causing panic.

Energy, all commodities globally are up 20%-30% and central banks are constantly pumping money in response to the current situation, enough to suggest a recession is underway, rather for preparing for a recession. The best solution today is the same as you shared: let's save up and it's better that we find part-time jobs, work more than usual to have more income to cover life. When the war is over and goods are in circulation, things will gradually recover.

[arwin100]

In the last few weeks I've read a lot about Recession, Recession Threats and so on.
I really don't want to be naive about this because it's really good to be prepared for this but there are some things I can say here.
I don't refuse by preparing and making some plans about anticipating the Recession, but for me, who incidentally lives in an environment that is actually lagging behind and with a mediocre economic condition, actually every day even before it was crowded, I have also felt the Recession for myself personally. .
What I mean is that when we want to prepare, we actually don't have to wait for it to get crowded first because indeed when preparing now with the recession already in its early stages it is still good but this seems like we are not ready because when the recession starts we have already prepared.

The preparation only can be done by people that already have an assets and the income can cover all daily needs not with people in third world country.
People from the third world can only hope that there is no riot because this can also happen when many people can no longer get food.

Doesn't mean they are categorized on third world they don't have money used to prepared on something worse. But for sure majority are now incapable of saving something to use especially on worst case scenario to come. Maybe there are others will be left behind due to financial reasons but for sure if their government is eager to help their citizens they can get over with it. For now since this case is slowly happening maybe its time for country leaders to find ways to boost up agricultural sector or where they can generate foods for their citizens since this could save many of them from total hunger or other worse that we can see.

[naira]

The preparation only can be done by people that already have an assets and the income can cover all daily needs not with people in third world country.
People from the third world can only hope that there is no riot because this can also happen when many people can no longer get food.

Some of what you said is true. In the midst of saving with all the wealth they have, it is easy for those who earn above enough. But if you look at the downside of course I feel how the hope that the recession will only kill the lower class. Such a scary recession, people who can only survive day by day will experience a faster collapse, starvation and somehow I describe such conditions too sad.

People with average salaries can still set aside some of their money to save and prepare for a recession. But not for others. Hopefully, the predictions of a recession don't really come to pass. Because it can kill a smaller population like us.

[davis196]

The upcoming recession might be stagflation, which means recession+inflation. However, the chance of having a stagflation crisis isn't that big.
I can't imagine how the working class people would survive losing their jobs and having to deal with increasing food prices at the same time.
The governments aren't prepared for fighting recession/stagflation. The national debts are at historical levels and the interest rates are growing globally, which means that getting new debt will become more expensive. Mortgages and consumer debt will also become more expensive. Nobody is fully prepared for a crisis, but let's not panic and let's not believe in the massive FUD. The winter is going to be hard, but the next spring/summer might be a better period.

[nara1892]

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

The predicted recession can actually make us prepare for the worst, but that's if we were not previously involved in consumptive debt such as cars or luxury goods that are not too important or their value is rapidly dropping, unfortunately more young people in my country already involved in such debt, and there are many more whose income is not sufficient for their daily needs, these people just hope that they still can working and a help from government that have little impact

Something bad has been predicted for us to experience in the not too distant future. Yes, a nightmare that we don't really want to experience in real life. One way that we can do right now is to reduce our spending as much as possible to prepare for and live this recession. We can't avoid this kind of thing, but we can prepare as well as possible before it actually happens. From this we should realize that preparing for the future is something very important.

[Ryu_Ar1]

I don't refuse by preparing and making some plans about anticipating the Recession, but for me, who incidentally lives in an environment that is actually lagging behind and with a mediocre economic condition, actually every day even before it was crowded, I have also felt the Recession for myself personally.

We just need a speedy intervention for this recession of a thing and nothing could have advanced to this if not the inflation we are all currently battling with, don't be surprised that not only your locality or country was bernnaffected by this, it a global challenge and everywhere is been affected, what we should be running after is on hiw to provide a lasting solution to the effect and this has also bring in about creating an alternative means to sustainable economy, bitcoin is already solving part of it, you discover that when you run an independent economy.

I read some interesting things in the previous thread because preparing for Recession has to start from setting up an emergency fund, making investments and many others but if we look further this only works for people who have more funds there.
For people who have this, it is clear that this is acceptable, but the problem is that we live where there are still many people who cannot even prepare savings or investments because they are still a little confused for tomorrow's meal, so that if something like this happens, it would be the law of the jungle. which is executed.
Even though it's not all like that, we can now see a lot of cases or crimes that are based on the economy which is the main background.
It's hard to figure out some things to do when something like this happens. But it's not that I want to give up on the situation but indeed for now there is nothing that really contributes well at this time in facing the Recession other than facing it with courage.-

What I mean is that when we want to prepare, we actually don't have to wait for it to get crowded first because indeed when preparing now with the recession already in its early stages it is still good but this seems like we are not ready because when the recession starts we have already prepared.

Dont depends on what the economy or government serves to give you, work out your own sustainable means, try as much as possible to be decentralized, avoid liability assets, cut your cost, increase your income and budget well with your financial assets, things cannot always be thesame as it has always been.

You seem to have misinterpreted what I meant.
I personally do not wait for what the government provides because this is tantamount to giving our lives to others in my opinion if we depend on other people or the government.

What I mean is when we can still do it, why not from the beginning, not just starting now to plan for a better life, even though we have been able to do it a few years before.
But indeed this is the nature of humans like him because indeed they will only be ready when they are forced to face a problem.

[dothebeats]

I think it's actually good that people are becoming more financially aware and not letting consumerism eat up their future. It's better to be prepared while being wrong than to not have anything when worse comes to worst. I myself am converting some of my extra cash into other assets, and stocking on valuable necessities too just in case. Nothing wrong with it unless it becomes hoarding.