The Biggest Money Mistakes People Make in a Recession

 

Many people are facing a situation they haven’t had to deal with in a long time: an economic downturn. And they need help navigating it.

So we reached out to financial advisers, researchers, academics and other experts and asked them a simple question: What are some of the biggest mistakes people make in hard times, and how can they avoid them? After all, facing a downturn is hard enough without making it even worse by falling into common traps in the way you spend, invest and save.

As you’ll see, the mistakes range from the big to the small and cover a wide array of practices and situations. Not everyone has the luxury of making some of these mistakes. But hopefully, they will make you think as you find your path through the coming months. And ideally, avoiding any of these mistakes will make your economic troubles a little less painful and the eventual recovery a little more robust.