One of the biggest financial worries that's on the top of people's mind this year is the threat of a looming recession. According to aAs people are planning their budgets and setting up financial goals for the coming months, they might start looking into different areas of their life where they can limit spending and stockpile cash in case of an emergency.
Lalonde said investing in your health is always worthwhile, even during a recession, since skipping treatments or appointments could lead to the progression of an illness or injury, and make it more expensive or difficult to treat later on. "There's a reason why a person sought out therapy," Genkin told Insider."An economic downturn can magnify those reasons."
If you want to cut back on insurance costs, he does suggest that you can cut pet insurance, home warranty, travel insurance, and identity theft insurance, since the costs might not be worth the limited benefits you receive. If you're someone who spends a lot of their budget on food, certified financial plannersaid rather than cutting back in this area, become more strategic about the food you're buying.
Whether you have recurring expenses related to your vehicle, auto insurance, gas, or you use ride sharing services or public transportation, Nelson recommends finding ways to plan ahead so that you can still use that mode of transportation without overspending.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
4 things 'Succession' gets wrong about business: expertsInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Source: BusinessInsider - 🏆 729. / 51 Read more »
I fled Arizona for Kansas, where homes cost less and water is abundantI sold my pricier home in Arizona and bought a $70,000 house in Kansas for peace of mind in my twilight years
Source: BusinessInsider - 🏆 729. / 51 Read more »
Haleon's VP of US innovation shares her daily routineI'm a VP at the company behind Advil and Tums. My day starts with double-screening YouTube and Netflix and ends with surfing Amazon ratings.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Quite a few Republican representatives unhappy with debt ceiling dealQuite a few Republican representatives are not happy with the debt ceiling deal, and one vowed not to 'bankrupt our country'
Source: BusinessInsider - 🏆 729. / 51 Read more »
Elizabeth Holmes faces 6 a.m. wake-up calls at federal prison campInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Source: BusinessInsider - 🏆 729. / 51 Read more »
16 stock picks that growth-focused funds love: Goldman SachsInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Source: BusinessInsider - 🏆 729. / 51 Read more »