While this scenario can be a bit scary, the best thing we can do is to review our personal finances and put in place some strategies to deal with those financial fears. Here are a few ideas:

Know your "survival number": that is, the minimum monthly amount of money you need to live. If you are not sure of that, it will be more difficult for you to have control of your finances.

2. Watch the pennies: They don't take care of themselves. Start a budget with a savings goal and then plan your spending around it.

3. Pay off debt and stay out of debt: good planning and a good budget will help you free up much of your income to reduce debt and eventually save. Go for the debts with the highest interest rates first and work your way down from there.

4. Start building a fund: it is always good to have a savings cushion, but how do you create it, how much money should you allocate to it?

5. Be prepared to change jobs: if a recession takes over, jobs could be harder to find.

The ideal is to polish your resume, add new skills, keep potential opportunities on the radar for you and even go out and meet new people that will give you access to new job horizons.

Translated by: A.M