A self-made millionaire shares her top 8 'recession money rules': It is 'reasonable to be worried'

Create an emergency fund for 12 to 24 months. Experts advise saving for three to six months' worth of spending in a steady economy.

Cut back on high-interest debt. Call the company that issued your credit card to see if you can lower the interest rates. Consider how you can present a convincing argument.

Get ready to take out a loan. It's acceptable that many people in a recession need to borrow money to get through challenging times.

Keep your credit cards open. It is not the right time to cancel your credit cards out of panic. Your credit score includes the age of your accounts.

Renegotiate your mortgage now if it is about to expire. Since the previous year, the average 30-year fixed mortgage has almost doubled.

Stay put if you have low-interest mortgage debt. Many people think it's wise to pay off debt during a recession.

Whenever you can, buy in bulk. If inflation persists, anything that saves you money today but that you'll need and use in the future will end up saving you much more money.

Pick frozen produce instead. If you often purchase fresh fruits and veggies, think about purchasing frozen. Frequently, the foods in the freezer department are healthier, last longer, and cost a lot less.