Managing money during a recession involves implementing strategies to maintain financial stability and mitigate the impact of economic downturn. It encompasses various techniques, such as budgeting, reducing expenses, seeking additional income sources, and preserving savings.
Effective money management during a recession is crucial for individuals and families to weather the economic storm and protect their financial well-being. Historically, recessions have led to job losses, reduced income, and increased financial strain. Hence, adopting prudent financial practices becomes even more critical in such times.