5 SMART FINANCIAL TACTICS TO USE DURING A RECESSION
Inflation can make people nervous about the future. Here are a few smart ways to manage your money in any economic climate — but especially during a recession.
month on recurring payments for things they no longer need! Double-check your statements for anything you might’ve forgotten about.
No. 1: Make every dollar count. This year, the price of gas has climbed considerably, but what should you do when driving is part of your job? Dan Varroney, founder of consulting firm Potomac Core and expert on economic performance, told NBC that people can stretch their dollar by utilizing mass transportation, carpooling, or walking. You can also combine trips with multiple stops or shop locally to save on gas and time in the long run. No. 2: Check your spending. The internet is full of trendy subscription-model brands and products, but are you still paying for ones you aren’t using? A 2021 Chase survey revealed that two-thirds of consumers have forgotten about at least one recurring payment in the last year. In fact, more than 70% of consumers waste over $50 every
No. 3: Get rid (or don’t use) high debt credit cards. Canceling a credit card can have some temporary consequences on your credit score, but if you can afford it — or need to remove the temptation altogether — cancel credit cards with high interest rates. Get a card with 0% APR if you need time to pay off new purchases before interest kicks in. No. 4: Boost your emergency fund ASAP. In life, setbacks can happen when least expected — and least wanted. This is the time for cushioning the fall in case you have any large unexpected expenses that could have major consequences on you and your family’s livelihood. No. 5: Roll over to a Roth IRA during the market downturn. Since IRA contributions are invested into the market, the downturn makes it cheaper to transition your after-tax traditional IRA into a pre-tax Roth IRA, which means you’ll keep the full dollar amount of your account in retirement. According to Clark Kendall, certified financial planner and CEO of wealth management firm Kendall Capital, transitioning into a Roth IRA may “cost 20% less if your retirement account is down 20%.”
Put these tips in your back pocket — they just might help get you through any economic climate!
Helping Clients Day In and Day Out MEET OUR CLIENT TRANSITION SPECIALIST, JULIA
At Shoup Legal, we do everything we can to assist our clients with whatever they might need. We’re often able to exceed expectations thanks to the hard work and dedication of our amazing team. We make a point to hire talented individuals who already care and are connected to our community. This includes our fantastic Client Transition Specialist, Julia, who continues to impress us on a daily basis.
entire estate planning process, front to back. She came to Shoup Legal with the goal of making an impact on people’s lives and helping them with their estate planning needs.
Julia has always been a people person. She loves helping people with whatever they may need. She is there to address your concerns or answer any
questions you may have. If you’re unsure about who can help you, ask for Julia and she will make sure you are taken care of. While not at work, you can usually find Julia looking for a new fantasy, romance, or fiction book to read at the local bookstore. She’s also very close with her family and loves spending time with her sister, who also happens to be her best friend. They love going to the movies together or spending time with their pets. We are delighted to have Julia on our team and are continually amazed at the fantastic job she does with our clients.
Julia first started working with us in March 2021 when she joined our Welcoming Team as a Client Intake Specialist. Before joining Shoup Legal, Julia was a business major at California State University, San Marcos, and worked as a manager at a restaurant. Before long, Julia decided she wanted to find a job that better suited her interests and began working as a Client Services Representative at a private trustee firm. She worked her way up in that company until she became a Trust Account Manager. While at the private trustee firm, Julia learned all she could about the back end of the trust process and decided she wanted to understand the
Plan today for peace
2 | (951) 445-4114
Made with FlippingBook Ebook Creator