There’s been a lot of doom-and-gloom talk about the economy lately. With oil prices climbing amid the U.S.-Iran war, job growth turning negative in recent months, retail spending cooling, and banks tightening credit, potential recession fears are starting to creep back into the conversation.
Before you start doom prepping, economists say the U.S. is not currently in a recession, and most projections expect the economy to slow down rather than crash.
Still, many Americans want to be prepared. If the pandemic taught us anything, it’s that things rarely de-escalate quickly.
In a recent Reddit thread, people are already exchanging advice on how to prep for a potential economic downturn. While many say they’re simply stocking up on pantry staples or cutting back on spending, others are preparing as if the downturn could spiral into something closer to Armageddon. They’re raising chickens, planting food crops, and building emergency supplies just in case of an apocalypse.
‘I’ve Just Been Stocking Up Best I Can’
With grocery prices already soaring in recent years, some people say preparing for a potential recession starts in the kitchen. Several commenters said they’re stocking up on pantry staples, cooking more at home, or finding ways to stretch their food budgets in case prices climb even higher.
“I’ve just been stocking up best I can,” wrote one user on the thread.”I collect canned goods on sale; soups, vegetables, etc. And I’m trying to stock up on dry beans, rice, and other grains. Bought a bread machine; that helps. “
Some people said they’re investing in ways to lower long-term costs, especially as energy and fuel prices remain volatile.
“Probably the biggest thing we did was to install solar panels and a battery,” said one Redditor. “We get a government rebate in my country and electricity prices have been going through the roof already. Currently wishing I had an EV to go along with it as gas prices are soaring too with what’s happening in the Middle East.”
Others are suggesting more drastic measures, including ditching anything that runs on gas or diesel. “RIDE YOUR BIKE TO COMMUTE OR TAKE PUBLIC TRANSIT. Cars are about to become an even bigger money pit than they already are,” one Redditor put it bluntly.
For some, preparing for a possible recession simply means spending less and rethinking everyday habits.
“Avoiding frivolous spending,” said one user. “Learning some free hobbies (stargazing at the moment). Not drinking alcohol saves a ton of money.”
‘Get Rid of Debt Now’
A few commenters pointed out that recessions can actually create opportunities — but mostly for people who already have cash on hand.
“The only really useful thing to do during a recession is to make sure you have cash so you can buy assets when they’re cheap,” shared one user. “If you’re lucky enough to be able to afford it. That’s what the rich do. Recessions are a huge financial win for the rich generally because you can buy assets cheap and hold for the inevitable recovery.”
Others drew on experience from previous downturns, including the 2008 financial crisis, and offered more traditional advice.
“As someone that was an adult during the ’08 recession, I can give this advice: Get rid of debt now.”
Not everyone feels they have the luxury of preparing at all. Some said they’re already living close to the financial edge, with one user commenting, “I’m part of a sizable demographic that has no wiggle room or means to prepare beyond ‘time for more canned goods for dinner and hoping the landlord doesn’t raise the rent too much I guess.’”
Are you making any changes in preparation for a potential recession? Let us know in the comments.
More From Cheapism
- Where Gas Prices Are Rising the Fastest — and the Slowest — Gas prices are climbing again across the U.S., and a sudden spike in global oil markets tied to the escalating conflict involving Iran is helping push them higher.
- Will Tariff Refunds Bring Prices Down? Costco Says Yes — Tariffs have been the hot topic of conversation ever since President Trump implemented them. Now, thanks to a recent Supreme Court verdict ruling them unconstitutional, everyone’s talking about refunds.
- Oh, SNAP: More States Restricting Food Stamp Benefits — The list of states restricting what SNAP recipients can buy at the grocery store is getting longer. That means the rules — once again — will vary depending on where someone lives.
