Canceling streaming networks while your favorite shows are between seasons.Switching to a lower-cost cell phone service provider.Having your hours reduced or losing your job doesn’t mean you have to slash your lifestyle or cut out all the fun.įor example, to trim expenses you could consider: If you’re struggling to find available cash to boost your savings, Monnig suggests taking a close look at where your money goes each month. Treasury, which has a fixed interest rate of 6.89%. You might even consider parking some cash in an I bond account from the U.S. The best online savings accounts currently yield well over 2%, with some at a whopping 3% or more. No matter how much you have in your emergency fund-even if it’s zero-you can score a gift from the current rising interest rate environment: better returns on your savings. “Chances are you’ll need to make use of this.” “To maintain some sense of normalcy, it’s important to identify your sources of liquidity like your savings, particularly your emergency fund,” he says. Roch Monnig, a certified financial planner (CFP) and owner of Deeper Pockets, a fee-only financial advisory firm, says that bolstering your savings can help prevent financial and emotional stress.
Recessions typically come with unwelcome consequences, including layoffs, and for those who are lucky enough to retain their jobs, fewer financial incentives like bonuses from employers. recession within the next year, there are steps you can take today to help recession-proof your finances and find the help you need with your bills. While The Conference Board says there’s a 96% likelihood of a U.S.
So, where do you turn for help when rising prices and interest rates make the things you need and the debt you have more expensive? If you can’t pay your bills, the last thing you likely want to hear is talk of a recession.
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