Tactics for Living Through the Recession

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Are you ready for a lifestyle shock? The recession of 2022/23 is about to break loose just in time for the holidays. That means everyone should stock up on hacks, tactics, techniques, and methods for beating the economy at its own game. In other words, plan now to deal with all the great stuff that recessions are known for, like:

  • Continuing inflation
  • Hyper-volatile securities markets
  • Soaring rents and home prices
  • Spot shortages of fuel oil and gasoline
  • Pump prices several dollars per gallon higher than they are now

Unpredictable Supplies of Common Grocery Items

For many working adults amid the growing risk of inflation, readjusting stock portfolios is job one, while others will focus on simply lowering their monthly expenses. Homeowners and apartment dwellers alike can do a lot to minimize utility bills. Consumers in all income brackets can take advantage of tactics that can cut gasoline usage, reduce grocery bills, and leverage the power of coupons to save on all sorts of daily necessities. Consider the following ideas for getting a jump-start on your personal survival plan for the months ahead.

Lower Your Monthly Expenses

The most basic of all recession tactics is to cut monthly costs. While there are dozens of effective ways to achieve this goal, one of the fastest is to refinance student loans. If you have any education debt still lingering around your personal budget, it’s helpful to know how to refinance private student loans and save money every month. Refinancing student loans means getting a brand-new obligation that has one monthly due date, lower payments, and potentially much more favorable terms, rates, and payback periods. For working adults who want to have more money left over at the end of each month, refinancing is the way to go.

Adjust Your Portfolio Now

Don’t let the volatile, bear-trending stock market eat your hard-earned investment capital. Before things get worse, make a few decisions about how best to preserve what’s left of the portfolio. That does not mean it’s wise to just sell everything and go to cash. There are some securities and assets that tend to perform well in bad economic times, particularly in the type of global recession of 2022/23. Energy and healthcare stocks have done pretty well during the past year. Of course, there are no guarantees that the trend will continue. The point is that several sectors can outperform others even in bearish market scenarios. Review your holdings with an experienced financial planner, accountant, or trusted broker. Then make adjustments that seem necessary and prudent.

Win the Gasoline Battle

Fuel for personal vehicles is the number-one frustration point for millions of consumers as 2022 comes to an end. Prices are at all-time highs, and many families are finding it hard to deal with the situation. The good news is that there are some potent weapons with which to fight the high per-gallon costs of gasoline and diesel fuel. Joining a wholesale discount club for a small annual fee is one of them. Members typically get several percent off the retail pump prices by using their club cards to purchase fuel at designated locations. It also helps to make a weekly driving plan that combines errands and thus reduces total mileage. Using public transportation is another approach that can shave a significant amount off of fuel bills. If you have the chance to join a work-based carpooling group, that’s just one more way to offset high gasoline prices.

Eat Most Meals at Home

For saving on food, cut down on restaurant meals, fast food, convenience store stops, and specialty items like gourmet coffee and sweets. Instead, make weekly meal plans and dine at home as often as possible. Those who try these tactics discover that they can reduce grocery bills, enjoy more time with family, and consume an overall healthier array of foods. You don’t need to be a gourmet cook to prepare dinner every night. Follow package directions and buy a beginner-level cookbook for best results.

Practice Strategic Shopping

What is strategic shopping? It means using the power of planning and proactive maneuvers to slash bills for groceries and everyday household items. Rule one is to always use a detailed list to shop. Rule two is to spend time hunting for useful coupons online for a few minutes each day. Try to stay informed about sales and specials at the stores where you do most of your shopping. Consider joining a wholesale club, purchasing a freezer, and buying in bulk whenever possible.

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