Preparing financially for a recession

Once you’ve figured out what you're spending on, see what expenses you can do away with and get rid of them. All frivolous spending goes out the door.

Of course, there’s no way you can physically go to the bank now, so move everything online - if you haven’t already - and keep a tab through a myriad of finance apps available.

The most important thing during a health crisis is to check up on your health insurance and see if you can get more - most insurance plans ensure tax savings and also now cover Covid-19.

Put some money aside, always and do not touch it; an emergency fund could be very crucial if things don’t go well and pad up your fund for the future. Better safe, than sorry.