If you really struggled to make it through recent hard times and wished you'd been able to go back and do things differently now is that chance. So here are a few thoughts:
- Get rid of some bills- Now's the time to get out of as many debt traps as possible. Start with any short term borrowing that you're doing. Then any consumer debt. If things take a turn for the bad wouldn't it be easier to manage if you didn't have as many bills coming in demanding upon your scant resources?
- Emergency fund- One thought that's occurred to me is there are probably multiple reasons to set up your emergency fund in a different bank than the one that you use for day to day expenses. For starters it's too damn easy to tap it, if transfers are only a click of the mouse away. Secondly there's still the threat of bank failures in another downturn, so diversifying your bank accounts might not be a poor choice.
- Preventative maintenance- How many years has it been since you've had an HVAC service on your house's heating/cooling? Is your main means of getting to work past due for a transmission service? Are you current on your preventative medicine screenings? Now would be the time to catch up any of these you are putting off. If you don't, they wont come up now they'll wait to get expensive till the worst possible time.
- Skills- Did you have trouble making enough or even finding employment durning the last down turn? Now would be the time to improve what you can offer to a potential employer. Not only can you seek or demand better when times are good, but you're more valuable or employable when they aren't.
These are just a few thoughts for the moment, and as always if you are only getting your financial advice here and aren't also seeking qualified professional advice than it's on your own head.