What you should do with your finances ahead of a recession

ABC News' Rebecca Jarvis shares financial tips to hunker down in the event of an economic recession.
1:36 | 08/15/19

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Transcript for What you should do with your finances ahead of a recession
Now to your money and what to do right now with those fears grow up a coming recession Rebecca Jarvis is back she joins us. From the New York Stock Exchange and Rebecca this is the big question what does this potential mean for consumers out there. So Amy on the one hand it means they're could be higher bracket is ahead if you take a look at that for a one K. Think about it though in the longer term over time historically. That 401K. Go is up the market goes up. Over time there could also be higher prices ahead and we talked about this because of tariffs things like lap tops. Cell phones those types of things could see prices rise. There's one area where consumers actually benefit in some ways from this it is because interest rates are going lower and that means the cost of borrowing gets cheaper. It is always a good time. To be paying off those stats Amy. Do that so let me ask you this should people be doing right now. Back and they should be doing exactly rob and what they should always be doing contributing to a 401K. Down that's socking away extra cash on the side so you have a question. Of six months to leave here. If that's possible now I get it it's not always easy to do that and it's also not always easy to look at headlines like the ones today. And say stay the course but historically speaking. Staying the course is what works for people over the long term recession. They are not a matter of if but when they will happen. And so socking away that cash for days ahead is always the right run in such good it's a long game behind big picture perfect thank you.

This transcript has been automatically generated and may not be 100% accurate.

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