By CultureBanx Team
- Goldman Sachs and Morgan Stanley peg the probability of recession within a year at 30%
- Dip into your vegan side as vegetable prices are “only” up around 8% over the past year, vs. about 12% for meat, poultry, fish and eggs and 13.5% for dairy products
The Federal Reserve has raised interest rates to the highest level since 2018 and the U.S. economy has shrunk for two straight quarters. What’s clear is that economic uncertainty isn’t going away anytime soon. So, as you try to keep your checks in balance, here are the top ways to recession proof your life.
Why This Matters: There’s a lot you can do to lower your cost of living in these inflationary times. Use a gas-station tracker such as GasBuddy to identify the lowest prices at the pump in your area and pay in cash. Perhaps, dip into your vegan side because fruit and vegetable prices are “only” up around 8% over the past year, vs. about 12% for meat, poultry, fish and eggs and 13.5% for dairy products.
As long as you can pay your balance in full every month, cash-back rewards cards can be a smart way to retrieve some of the extra money you’re spending due to inflation. Also, it would be best to find ways to increase contributions to your 401(k) plans now.
Since stocks officially fell into a bear market in June, dropping more than 20% from their peak in January. Bonds and cryptocurrency are bleeding red ink too, with Bitcoin losing over half of its value so far this year. Not to mention we might be in a recession already according to its unofficial definition of two consecutive quarters of economic contraction.
Situational Awareness: Many people already feel like their personal economy is in the dumpster or could land there soon, whether an official recession is coming or not. Goldman Sachs and Morgan Stanley peg the probability of recession within a year at 30%, Deloitte forecasters put the likelihood at just 15%.
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