And Craigslist allows you to search by area, to cut down on driving - which means less gas and inconvenience. One choice he’s made is to buy items like clothes or electronics second-hand whenever possible, whether from Goodwill, pawn shops, or Craigslist. With interest rates high, it’s also not a great time to take out new loans for big expenses like cars, though experts do recommend that if you need durable goods such as vacuum cleaners, stoves or dishwashers, you buy them as soon as possible to avoid future price increases.Īllen Galeon, an in-home caregiver in California, has been affected for months by the rising prices of household staples like groceries, paper towels, and gas for his commute. The Federal Trade Commission’s Consumer Advice guide for Getting Out of Debt can help you make a plan. Programs such as America Saves, a non-profit campaign by the Consumer Federation of America, can help create a roadmap.Īnd if you have a savings account, it’s important to check whether your bank gives you a good interest rate and shop around if it doesn’t, Ma said.ĬONSOLIDATE YOUR LOANS, AND DON’T TAKE ANY MOREĪs interest rates rise, experts recommend that you consolidate your loans to have just one fixed-rate loan and, if you can, pay down as much of your debt as possible. The more non-essential expenses you can cut, the more you can save. This will help you see what’s coming in, what’s going out, and which unnecessary expenses you might be able to cut.īudgets often reveal expenses that can be eliminated entirely or impulsive spending that can be avoided with planning.įor guidance creating a budget, free courses such as “Creating a budget (and sticking to it)” by CT Dollars and Sense, a partnership of Connecticut state agencies, and Nerd Wallet’s Budget Calculator can be good places to start. Ma recommends sitting down and writing how much you spend day-to-day. Knowing how much you spend every month is key. If you think a recession could destabilize your finances, here are some things you can do to prepare. People should prepare but not panic, she said. Yiming Ma, an assistant professor at Columbia University, says it’s not a question of if but when a recession will happen.
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