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It is feasible to save money while costs are rising everywhere. Most Americans are keeping a close eye on their spending because prices continue to rise.
But with unemployment at historically low levels, many buyers are still able to put money in their pockets. Today is the moment to start saving money and putting together emergency funds.
I'm going to share with you 11 practical money saving tips that will help you keep your money safe during the upcoming recession. These are not only for the 2022 recession, but for any other economic downturn that might occur. And they're also good life skills in general!
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It is feasible to save money while costs are rising everywhere
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Most Americans are keeping a close eye on their spending because prices continue to rise
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But with unemployment at historically low levels, many buyers are still able to put money in their pockets
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Today is the moment to start investing money and putting together emergency funds
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Despite the hardships you face, you may find that you may not only survive but also grow
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expert business advice from family financials Tammy Trenta, who runs the company
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A positive and uplifting experience is possible with this activity. In light of this potential economic downturn, what steps can you take now to safeguard your savings
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Curious to know more? Now, let's get deeper into this. Hello everyone and welcome to our channel
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Don't forget to subscribe to this channel and press the bell icon to never miss an update
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Let's start the video. Here are money-saving tips to consider during inflation
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Get a handle on debt. Pay down high-interest credit cards first, Trenta says
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I'm hoping to get out of debt as soon as possible, and I'm exploring 0% balanced transfer options
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Credit card comparisons required time and work, but they are typically well worth it
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In the past, when my husband and I were dealing with debt, it was borrowing from Peter to pay Paul, Leah Ingram, an expert in helping customers
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customers save money, says, the 0% interest rate was a fantastic perk
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Pay special attention to groceries. With rising prices in basics like eggs, up 40% in July, and butter, up 20%, many people are
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finding that supermarket excursions are eating up their finances. During a downturn, it's necessary to forego splurging on name-brand goods, to quote Ingram
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She suggests taking a thorough look at your receipts to see whether or not going to a bargain retailer would be worthwhile Ingram discovered that by shopping at Aldi she could save an average of per visit and annually
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This marginal improvement can become substantial if applied universally. Tiny adjustments in thinking, as Trenta puts it, is what she recommends to her clients
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Food is a personal choice. Eat what makes you happy, she explains
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Yet, use your common sense. Get your subscriptions under control. Online subscription services are a top way to minimize costs, experts say
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Before you sign up for anything, make sure to check out the cancellation and refund terms
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Cancellations and refunds are often a hassle with many businesses. Cancelling a subscription can be a hassle, Trenta has to say
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They make you jump through hoops. Another item to watch for. It's also a good idea to make sure you're using all the ones you now subscribe to
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Select those you truly need and focus on letting the rest go
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Maintain vigilance regarding health care prices. Before they touch you, find out the cash rate, Trenta suggests
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She says her husband's normal doctor charges $8,000 for a colonoscopy, whereas a specialist only charged $1,200
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You should get quotes and try to do some background reading before scheduling any lab testing, she advises
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Healthcare practitioners aren't going, to be money-saving evangelists, Trenta says. For any medicines, Ingram suggests asking specifically
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for generic alternatives. Provide value at work. Companies grow nervous during recession and
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inflation. Become irreplaceable at work, says Pavilion CEO Sam Jacobs. Organizers have been and will
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continue to evaluate headcount to determine whether or not additional productivity can be achieved with
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fewer workers Step forward and prove that you are a crucial cog in the wheel Get inventive when negotiating When it comes to major purchases it important to make every attempt to bargain and secure the best possible offer
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Trenta recalls lowering her home payment from $3,000 to $2,300 earlier in her career
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Housing and rental apartment costs continue to climb, but you may be able to request a two-year lease instead of a one-year agreement with a landlord
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not only to get the apartment, but to lock in your monthly fee. Managing growing costs and economic uncertainties are not simple
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but these ways are worth exploring to save yourself some money. To avoid panic, plan beforehand
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The good news is that economists can still only anticipate a recession
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Without the real demands and problems of being in the heart of an economic slump
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a plan can be devised. Over the next few months, when your adrenaline isn't pumping
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evaluate your financial plan and sketch out some worst-case scenarios. Here are some things to think about
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What would you do if you lost your job later this year or early in 2023
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Is there anything you can do right now to prepare your money to survive a job loss
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Make an effort to diversify your sources of revenue. This trend of searching the Internet for side hustles is indicative of the widespread desire
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to diversify sources of income as people prepare for a possible, economic downturn. Income diversification, like investment diversification, can help smooth out
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financial swings like those caused by job loss. Think twice about making a major purchase like a house
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While property prices have decreased in some locations, it remains a competitive housing market
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with few homes to go around. Consider extending your lease if rising mortgage rates are putting a
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strain on your ability to save for a down payment on a property. If you're also afraid about your
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job stability and a prospective recession then that even more cause to take pause Although the cost of leasing is high right now the added freedom it provides may be worth it Renting also allows you to have greater financial flexibility by eliminating the need to save aside funds for a down payment and closing costs when the economy is uncertain
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To maintain a good credit rating, borrowers may have a tougher time acquiring loans and recessions
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as interest rates soar and banks apply stricter lending standards. The greatest loan rates in terms will be available to those with excellent credit scores in the 700s and higher
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You can normally check your credit score for free through your existing bank or lender
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and you can also receive free weekly credit reports from each of the three main credit agencies through the end of the year at annual credit report.com
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If you want to raise your credit score, you should either pay down your credit card bills
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or consolidate your high-interest credit card debt into a debt consolidation loan
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or a balanced transfer card with a 0% introductory APR. Commit to a rate today
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As policymakers raise interest rates to bring down inflation levels, interest rates will increase
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This potentially bodes bad news for everyone with an adjustable rate loan
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Those who are trying to manage an outstanding credit card amount will likewise find this difficult
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Borrowers of federal student loans need not worry about interest rate increases
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but borrowers of private variable rate loans may choose to investigate consolidation
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or refinancing alternatives with their current lender or other institutions like SOFI
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to combine their debt into a single fixed rate loan. If the Federal Reserve does hike interest rates again this year, as is expected
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this will keep your regular payments from increasing unexpectedly. This is it, everyone
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So, what do you think? Leave a comment and let us know. Thank you for watching the video
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don't forget to like the video and subscribe to the channel if you haven't already done that
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