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Worried about a recession? Here are 4 ways to protect your finances

Megan Leonhardt
Published Wed, Oct 2 20199:00 AM EDT 
Updated Wed, Oct 2 201911:39 AM EDT

It seems like every time you turn on the TV or open a newspaper these days, financial experts are talking about the possibility of a recession. But Tiffany Aliche, personal finance expert and founder of The Budgetnista says there are several simple steps you can take to protect your finances.

“We’ve all heard the whispers: recession, recession, recession,” Aliche tells CNBC Make It. But it’s important to keep in mind that even if a recession comes, it’s not going to be like the last, “super terrible” recession that Americans experienced starting in 2008, she says.

That’s because the 2018 financial crisis was linked to the housing market. Thousands of Americans, including Aliche, lost their homes because the housing bubble burst. “So it wasn’t just a financial downturn. People were literally losing their homes. That’s what made it extra terrible,” Aliche says.

It’s also important to keep in mind that fluctuations in the market are normal. Market “ebbs and flows are natural,” Aliche says. But that also means you should always be prepared, she adds.

Here are four steps Aliche recommends taking today so that if a recession hits, you won’t be scrambling.

1. Build up your savings
2. Live frugally
3. Polish your resume
4. Don’t stress

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