Like most Americans, you may be worried about the economic downturn.

In fact, predicting whether we are heading for the economic downturn varies among Wall Street experts. However, many consumers believe that one is on the way, two separate surveys from Morning Consult / CNBC and MagnifyMoney have been found.

However, whether the fall is happening or not, it is important to look at things in a balanced way, said economist Jean Chatzky.

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“Living in a financial environment is something that happens from time to time,” said Chatzky, director of the “HerMoney” podcast and CEO of HerMoney.com.

An economic downturn is defined as the massive decline in economic activity that spreads across the economy and lasts for several months.

“What you need to focus on is not wealth, but your wealth,” he advised.

This may be easier said than done, especially in the face of rising prices for everything from gas to food and shelter. The Consumer Price Index, which measures daily goods and services, rose 9.1% year-on-year in June, the most recent figures from the Bureau of Labor Statistics show.

However, with advance planning, you can succeed.

Focus on ‘small goals’

To manage your money, start by answering the following questions, according to Chatzky:

  • Are you spending less than you bring?
  • Do you keep the same amount of money?
  • Are you taking all the money your boss has in common in your 401 (k) plan?
  • Are you putting money into your savings account and using every opportunity to encourage fellow writers to do so?
  • Do you adhere to your business philosophy? Do you have business acumen?
  • How much do you plan to spend on retirement?
  • Are you working to earn enough money to make the most of your retirement needs?

“All of these are small, big goals that you can achieve regardless of what the economy is doing around you,” said Chatzky, author of the book “How to Money.”

Set aside enough in emergency funds

What is included in the plan should be sufficient to save at least three to six months’ worth of income – try to get closer to six months if you are a single income family and three if you are a two-income family, he said.

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This is in line with the advice of many financial experts. However, some, such as “Women and Money” podcast host Suze Orman, believe that you should have eight to 12 months of emergency storage in case of an emergency.

On the job side, make sure your resume is ready to go and you have an existing network, Chatzky said.

“If you have the right pieces … you will be better off if you just swing in your shoes because the headlines tell you that the economic downturn is coming or is already here,” he said.

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Disclosure: NBCUniversal and Comcast Ventures are funders Acorns.



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