Three ways Millennials can cut back on spending ahead of a potential recession

Canadians should have their finances in 'preparation mode' for a recession, as inflation continues to rise, said Jessica Moorhouse, financial counsellor and host of the More Money Podcast.

“I remember like it was yesterday, the Great Recession (in 2008), and that was very impactful on my finances and my adult life, and so I'm in preparation mode,” she said in an interview on Oct. 28.

Moorhouse said Canadians should start by implementing a spending detox to reset their financial habits.

“It's really just taking a look at where is your money going and can we hit pause on some things that are non-essential,” she said.