As we move through the year, there is a growing debate among experts about the possibility of a recession in 2023. It’s a topic that’s creating some uncertainty, and we want to assure you that we’re here to support you during these financial discussions.
Recessions are typically defined as two consecutive quarters of economic decline, and currently, GDP projections for the second and third quarters suggest that we’re not on the brink of a recession. However, economic indicators are mixed. Credit conditions (for loaning out money) have tightened, inflation remains above the 2% goal, and interest rates have risen.
While we’re not sounding the alarm bells just yet, we believe it’s crucial to keep you informed and prepared for whatever the future may hold. Your financial well-being remains our top priority.
Here are some ways you can be ready:
- Set aside an emergency fund. Savings accounts are paying up to 5% and you should try and have 2-3 months of expenses saved.
- Cut down on any unnecessary expenses. You’d be surprised how many subscriptions the average person has and we don’t even know about them.
- Pay down debt. If you have any outstanding credit cards, work on paying extra on them (the highest interest rates first).
- Increase your income. If you have the ability, ask for more hours or consider a part time job on the side.
- Invest according to your risk tolerance. With the market being volatile lately, make sure you have the ability to ride out a downturn.
- Maximize your credit scores. Having a higher credit score will help you get the lowest financing terms on your loans and will save you a lot of money.
We understand that financial concerns can be burdensome, especially in uncertain times like these. Whether you’re dealing with credit card debt or aiming to boost your credit score, we’re here to assist you. Our team is currently offering risk-free consultations to provide you with tailored advice and guidance for your unique financial situation.
Your peace of mind matters to us, and we’re dedicated to helping you achieve it. Please don’t hesitate to reach out to us to schedule your consultation and take a proactive step toward a more secure financial future.