Protecting your pockets from a recession

Your Weekly Advisor Update

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

A Note From Kelly Anne

Americans are taking notice of growing recession woes. Our most recent consumer confidence biweekly tracker found that consumer confidence has dipped to its lowest point since late 2020.

Economic volatility is likely to continue. Hang in there.

Best,

Kelly Anne

Senior Staff Writer, Consumer Finance

How do you prepare your finances for
a recession?

After the Federal Reserve delivered its biggest rate increase last week since 1994, there’s growing concern from economists and analysts that the U.S. is headed toward a recession.

Consumers were spooked even before the Fed announced its aggressive rate hike. Our most recent Forbes Advisor-Ipsos Consumer Confidence biweekly tracker found that consumers are reeling back their spending and are less confident in making household purchases than they were just six months ago.

If you’re worried about your finances taking a nosedive, you’re not alone. There are moves you can take now to lessen the blow, including:

Paying down high-interest debt now. Higher interest rates mean it’s more expensive to carry credit card debt. Start paying off high balances now.
Reining in any extraneous spending. Inflation is ballooning—is there anything you regularly purchase that you won’t miss?
Staying the course with your long-term investments. Don’t make any knee-jerk decisions right now.

Need more help on how to prepare your finances for a recession?

Dig Into It Here

Read more on how inflation will affect your bottom line:

How Inflation Erodes The Value Of Your Money

Here’s how to understand inflation, plus a look at steps you can take to protect the value of your money.

June Fed Meeting: FOMC Delivers Its Biggest Rate Increase Since 1994

The Federal Open Market Committee (FOMC) has raised its key interest rate by 75 basis points (bps), its largest rate increase since November 1994.

What Happens When The Fed Raises Interest Rates?

Job number one for the Fed is managing monetary policy for the United States, which means controlling the supply of money in the country’s economy.

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