Find a savings account.

While most people are familiar with the term “recession,” they may not know how it affects them directly. Simply put, a recession is an economic downturn that lasts at least six months (i.e., two fiscal quarters). The downturn is linked to an overall decline in economic activity, in which supply mostly outweighs demand due to a lack of consumer spending.

There’s lots of options when it comes to saving money. Below we outline savings accounts, money market accounts, and cash management accounts.

Opening your first bank account used to be a rite of passage. It normally involved going to the local neighborhood branch to sign up for a standard checking account and, in most cases, an accompanying savings account. From there, you were on the path to financial independence as a young adult.