How to recession-proof your finances
Conference Board: Consumer plans to buy homes, cars, or go on vacation declined in the last six months
(InvestigateTV) — Consumer confidence fell 7.9 points in April, hitting a 13-year low, according to The Conference Board. That drop has many Americans on edge, bracing for the possibility of a recession.
Stoy Hall, Founder and CEO of the financial planning firm Black Mammoth, said there are practical steps people can take now to prepare.
“You need to go look at your spending, both income and expenses, and truly go through and list, what is needed for survival, what is kind of like what I need for my mental health, and then what is just extra because we like to do it,” Hall suggested. “Okay, it is now time to take off what we like to do and just focus on what brings us good mental health and then what is survival.”
Hall also recommended opening a high-yield savings that’s not tied to your everyday bank—and consistently stashing away $25 or $50 whenever possible. These s typically offer higher interest rates than traditional banks.
“Why is that important?” he asked. “Because you don’t want to see it. We’re humans, right? If we see the money in there, like, ‘Oh, hey, I’m gonna go buy some stuff,’ make sure it’s outside in a separate , that way, it just continuously flows in there.”
Hall said it’s wise to take action now, even if the economic future remains uncertain.
With more clarity expected over the next 12 months, he stressed that growing your savings should be a top priority.
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