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. No. 1: Make every dollar count. This year, the price of gas has climbed considerably, but what can 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 month on recurring payments for things they no longer need! Double-check your statements for anything you might’ve forgotten about.
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.
Put these tips in your back pocket — they just might help get you through any economic climate!
Would you like to be a Campbell Wealth Management Ambassador? Would you like access to exclusive events?
Suggest an educational event to a friend!
All you have to do is refer a friend. Do you know someone who: • Wants to be better prepared for retirement?
9/13 & 9/14, 6:00 PM — Arlington Army Navy Club 9/21 & 9/27, 1:30 PM — Historic Blenheim
• Is looking for a second opinion regarding their portfolio? • Has gone through a major life event (death of a spouse, retirement, etc.)? Call us at ( 703) 535-5300 and let’s set up an introduction! If they are important to you, they are important to us.
To register, email us at Seminars@campbellwealth.com!
Call Us Today (703) 535-5300 • 3
Made with FlippingBook Ebook Creator