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National Post

How Canadians can create a financial storm shelter to prepare for a possible recession

A myriad of challenges have been plaguing Canadians' personal finances, from the high cost of living to the global trade war that has roiled markets and the economy. It likely has some asking how they can better safeguard — or even recession-proof — their finances. Article content Article content Experts say while there's no silver bullet, there are several ways people can better position themselves to weather any economic storms. Article content Article content Many households are still feeling the pinch from the high cost of living and some are facing or have faced higher mortgage payments upon renewal. On top of that, on-again-off-again tariffs stemming from U.S. President Donald Trump's global trade war have caused disruptions in the world economy and taken a toll on consumer sentiment. Article content April inflation data from Statistics Canada showed a sharp slowing in the annual rate to 1.7 per cent from 2.3 per cent in March. However, the underlying details signalled stronger price increases. For example, grocery store inflation outpaced the overall consumer price index for a third month in a row. Article content Elke Rubach, president of Rubach Wealth: Holistic Family Advisors, says recession-proofing is about preparation. Article content Article content The conversation starts with taking the time to see where a person is headed, Rubach said. Article content 'You can't control the markets. You can control your spending,' she said. 'It starts honestly with being incredibly, brutally honest with a cash flow review.' Article content Macmillan said she's been relaying to clients the need to go back to basics: reviewing their budget and paying down debt.