Millennials with full-time jobs should do 4 things with their money if they’re worried about a recession, says a financial planner

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Shot of a young couple reviewing their finances while using their laptop –

A recession seems increasingly likely in 2023, but you can take steps to protect yourself.
Millennials with full-time jobs should start by padding their savings, according to Alex Alba.
If you can afford it, consider investing outside of your company’s 401(k) after maxing out your match.

Economists are predicting a recession in 2023, which means layoffs and stock market volatility might be on the horizon.

Financial planner Alex Alba at Merit Financial Advisors says, “I don’t think anyone knows exactly when the recession will be, or when the volatility of the stock market is going to end.”

However, says Alba, data points to the stock market “being back to normal and in the green” by late 2023 or early 2024. Keeping in mind that a recession would be a temporary and natural part of the economic cycle, here are four money moves Alba recommends for millennials who have full-time jobs.

1. Pad your emergency fund

An emergency savings fund has three to six months’ worth of living expenses typically held in a high-yield savings account. An HYSA allows you to access your cash easily if you get laid off from your job, get in a car accident, or face any other kind of emergency. Alba says it’s more important to pad your emergency fund now than ever, especially if you’re worried about layoffs.

2. Max out your company’s 401(k) match

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Source:: Businessinsider

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