How to recession proof your finances as UK enters its “worst ever” recession on record
The UK has officially entered its “worst ever” recession on record. Speaking to The Sun, Jamie Smith, one of our Partners, gives his top tips on how to protect your finances.
New figures from the Office for National Statistics (ONS) showed gross domestic product (GDP) fell by 20.4 per cent between April to June. The latest slump means the UK has officially fallen into recession territory for the first time in 11 years, as the impact of the coronavirus crisis on the economy is revealed.
If you are worried about your finances, take a look at the steps you can take to try and keep your cash safe.
Jamie Smith, one of our Partners, says you should be as specific as possible when identifying which pots are for which bills as this helps you resist the temptation to dip into it impulsively.
“For example, perhaps rename your savings account ‘House Deposit Fund’.
“This creates an obstacle for the self-gratification that comes from impulsive spending and enables us to see our savings goals as long-term.”