Inflation and recent layoffs at large tech companies such as Amazon and Meta might have some people fearing economic downturn. What's the best way to prepare for the worst?
Finance experts on Greater Boston said that while large-scale layoffs are making headlines right now, the job market is still growing on a daily basis and consumer spending is expected to increase for the holidays.
Michelle Singletary, personal finance columnist for the Washington Post, said it's wise to put off any large, unnecessary purchases and home improvement projects for the time being.
"We don't know, really, where the economy is going. We may be in a recession, we may skirt past one," Singletary said.
Singletary advised paying off debt if you can. Getting debt out of the way will allow you to stockpile cash that could carry you through a few months in case of emergency.
Dan Primack, business editor at Axios, said it's not a great time to invest money in anything risky like cryptocurrency.
Watch: What can big tech layoffs tell us about your future economic outlook?
