Just because a recession may be inevitable doesn’t mean you shouldn’t care about it. Together with us is a proud mom, Financial Analyst, and host of Finance Explained by Family Finance Mom, Meghan Rabuse who helped us break down some important economic concepts in relation to finances. Join us as we unravel the concept of recession and learn what we can do about it.
- Recommendations. Recommendations wants us to know that they are only as good the person making the recommendation. Can’t stand hard core music, but taking a recommendation on a new band from a hard core (hardcore) fan? Not a good idea. Love taking seafood recommendations from local fishermen? That’s a great idea! Recommendations, sometimes they’re good, sometimes they’re bad. But right now, some personal finance experts are about to give you a recommendation on a new high-yielf savings account….so you decide…Rates on high-yield savings accounts are rising and that means we have a new recommendation for savings accounts. Right now CIT Bank is offering 1.35% APY on it’s Savings Connect account with no monthly fees and only $100 minimum to open. If you need a new savings account head to frugalfriendspodcast.com/CIT to check it out.
After working in the corporate finance industry for over 10 years, Meghan Rabuse and her husband decided that two parents working 60+ hours a week and a nanny raising their growing family were not part of their journey. She knew that financial decisions were still a part of her everyday life – but unlike many families, Meghan has the education and experience to understand and analyze them all. So she created Family Finance Mom and hosts the Finance Explained podcast that aims to share that knowledge, helping women everywhere build financial literacy and make better decisions for themselves, their families, and their futures.
What Typically Happens in a Recession and How Do We Know We’re Heading For One
A recession is a slowdown in the overall economic activity–in the US. We define economic activity as the gross domestic product (GDP), and it measures the value of all the goods and services produced in the country over a specific period of time. ‘Recession’ is an official economic term and the National Bureau of Economic Research is an official organization that declares both the start and end of a recession.
What Inflation Means for Every Household
Every household is a part of the economy. The economy is just the impact of our economic behavior at a household level that was put together. Hence, we all need to be turning together in order for the economy to be functioning well as your spending is somebody else’s income and vice versa.
What We Can Do to Survive and Thrive
Everyone’s back pocket should have a bare bone budget no matter the time of economic cycle or you have a monthly earning that fits perfectly to your lifestyle. If you’re in a tight financial situation or you just applied for a new job, strive for a 6-month emergency plan rather than a 3-month emergency plan. Never be ashamed of pursuing the benefits you’re entitled to and invest aggressively while the market is on sale.
How we're currently protecting our family from recession
- Meghan: Food prep even in the summer
- Jill: Beefing up an emergency fund and not as much to sinking funds
- Jen: Driving motorcycle over truck more regularly
Bill of The Week
Thank you Meghan for sharing your bill about your monthly car wash to keep your car in good shape and create longevity!
Thanks so Much for Listening!
Thanks so much for listening. Many of you know we have a private community where we do monthly money challenges and offer accountability groups. We want to congratulate one of our members for a big win.