Episode # 416 "Twelve Inflation And Recession Busting Ideas"
We've been watching the cost of everything we have to buy going up
Our money doesn't go as far as it did. Some folks are really hurting; concerned how they will put groceries on the table, or keep the lights on and the house warm, or have to choose between food and medication.
We're going to talk about 12 Inflation and recession busting ideas on today's episode
The FED has been very aggressive raising interest rates to curb inflation.
Recession is often the consequence of raising the borrowing costs
Two thirds of economists responding to a World Economic Forum believe that there will be a recession within the next twelve months. Some believe it will be in 2023.
The FED itself says there is a 66% chance of a recession
There are three ways we can deal with inflation and recession:
- (1) Have SO much money that it doesn’t matter.
Guessing most of our listeners don’t fall in that category.
- (2) Increase our income
- (3) Decrease our expenses
INCREASING OUR INCOME
Depending on our situation:
Increase our productivity at work
Take a Part-time job
Get a “side gig”
Grass cutting
Computer repair
Car detailing
We had one – renewing headlights
GETTING CONTROL OF OUR EXPENSES
Create and Stick to a Budget
Track your expenses to get a clear picture of where your money is going
Identify areas where you can cut back and save more effectively.
A budget that outlines your income, expenses, and savings goals
It helps you prioritize
Utilize Free Financial Resources:
Take advantage of free financial education resources, such as online courses, books, and
podcasts, to enhance your money management skills.
Plan for Emergencies:
Build an emergency fund to cover unexpected expenses, so you don't rely on credit cards or
loans during challenging times.
We saw a couple of banks fail within the last year
Could see a time that bank cards don't work
Stay Informed:
Keep up with economic news, trends, and price changes to make informed
decisions and adjust your budget accordingly.
Rise in gas prices
Rise in utility costs
Rise in interest rates
SOME WAYS WE CAN CUT EXPENSES
Cut Down on Impulse Buying:
Practice mindful shopping by giving yourself a cooling-off period before making unplanned purchases.
This helps prevent impulse buying.
Pay Off Debt:
Prioritize paying off high-interest debt to reduce interest payments and free up more money for savings or other essential expenses.
Feds have been raising the Prime interest rate quarterly to slow inflation.
It currently stands at 5.25%
Affects every other interest rate
Mortgage interest rate, today, is at an average of 7.49% for 30 yr fixed
Credit card average is at 28.02%
With a low credit score that can be as much as 35%-40%
Have you looked at what YOU are paying?
Attack that debt
Debt snowball
Debt avalanche
Rent or Borrow items that you only need temporarily
Tools, Camping gear, or Special occasion outfits
Couponing and Cashback Apps:
Take advantage of coupons,
Discounts,
Cashback apps
Rewards credit cards, and loyalty programs
These small savings can add up over time and help stretch your budget.
Buy in Bulk:
Non-perishable items
Household essentials
Take advantage of lower unit prices
Reduce the frequency of shopping trips
Use Generic or Store Brands:
Often it’s similar quality at a lower cost.
Comparison Shop Before making a purchase
Compare prices online or
Visit different stores
Find the best deals and avoid overpaying
Shop at Discount Stores and outlets to find quality products at lower prices:
Clothing
Household items
Groceries
Explore Thrift Stores:
Clothing
Furniture
Household items
Prepping items
You can often find great bargains and unique items at a fraction of the cost.
Consider buying second-hand items
Electronics
Two refurbished computers were bought for the podcast
Furniture
Books
Online marketplaces and local classifieds
great resources for finding gently used items at lower prices.
These are twelve things that we can do to help us through this inflation and help us be better prepared if we DO have a recession.
We are going to get through this together, and we'll be doing ten more inflation and recession busters next week.
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