Recession? Inflation? What’s it All About?
I wrote the personal finance book Get WalletWise partly from my experience as a teacher, teaching personal finance during the 2007-2008 financial crises. Being casual with your finances is expensive and especially during economic down-turns like the financial crises, the COVID-19 crises and now the inflation crises. I was in college in the 80’s during the last big inflation crises and the experience was not fun. Any outstanding debt you owned watched your interest rate double and your interest expense double. Except if you were a saver! You could buy bank CDs at 10-12% with relatively low risk. Regular savings accounts paid a respectable interest rate.
My suggestion is to get a copy of Get WalletWise to prepare you for future economic trials, learn how your budget, stop spending borrowed money on unnecessary wants, and create positive money strategies to help secure your wellbeing. Pay down debt to decrease interest expenses and increase savings to take advantage of higher interest rates. Consider buying inflation adjusted I-Bonds at www.treasury.gov.
For additional resources to help you with your money management, please see my website filled with money resources at www.walletwise.org.
And don’t forget to pick up the best budget book available, Get WalletWise on Amazon at https://www.amazon.com/dp/0578937875