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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Fears of a recession<\/a> are growing louder, and many people aren\u2019t waiting for an official announcement to make changes. Rising prices on essentials like rent, food and healthcare are already forcing tough choices, and these workers are finding ways to survive economic uncertainty long before a downturn becomes official.<\/p>\n According to a study from Lance Surety Bonds<\/a>, people are slashing spending, picking up extra work and moving to cheaper locations to stay ahead of rising costs. Their strategies show what it really takes to recession-proof a household when paychecks can\u2019t keep up with inflation<\/a>.<\/p>\n<\/p>\n Cutting Personal Spending<\/p>\n More than half of frontline workers (58%) have cut personal spending to the bone. Eliminating non-essential expenses is a recommended first line of defense when paychecks don\u2019t stretch like they used to.<\/p>\n Picking Up Side Hustles<\/p>\n More than half are bringing in extra income through side gigs. They\u2019re not alone; 41% of U.S. consumers now have supplemental income streams, according to PYMNTS<\/a>, as people try to close the gap between wages and cost of living.<\/p>\n Dipping Into Savings Early<\/p>\n A third of those surveyed said they\u2019ve already dipped into savings. When income falls short, savings becomes a lifeline, but one that needs to be rationed carefully. It\u2019s best used to cover essentials like housing, food or utilities, not to maintain non-essentials that no longer fit the budget.<\/p>\n Stopping Saving or Investing<\/p>\n Twenty-seven percent have paused contributions to savings or investments as prices for essentials climb. With basic expenses climbing and wages remaining flat in many industries, long-term planning often gets pushed aside to manage short-term survival.<\/p>\n Working Longer Hours<\/p>\n A quarter have taken on extra hours, with 21% working 15 or more extra hours each week. That\u2019s the equivalent of nearly 100 full workdays a year, a temporary fix for shrinking purchasing power, but one that risks burnout.<\/p>\n Selling Personal Belongings<\/p>\n A quarter of people surveyed reported they have sold off tools, electronics or vehicles to make ends meet. With figures from the New York Fed<\/a> showing that U.S. household debt is now at $18.2 trillion, selling unused assets can be a smarter move than borrowing at high interest.<\/p>\n<\/p>\n Taking on Personal Debt<\/p>\n Incurring personal debt to manage rising costs has jumped as well. If borrowing is unavoidable, focusing on the lowest-interest options available and creating a strict repayment plan before taking on new debt can help limit long-term damage.<\/p>\n Moving to Cheaper Housing<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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