June 24, 2022
You've probably noticed that inflation is at a 40-year high, interest rates are rising, and gas prices…well, they’re just ugly. The stock market is growling bearishly, and Bitcoin and other cryptocurrencies are not looking well.
If we are entering another recession, here are a few tips to aid in your personal finances as we face the storm.
- Vanquish your credit card debt. Make it a priority as the rising interest rates mean that any balance carried over will cost you more. If paying off the debt isn’t an option, transfer it to a low-interest credit card.
- Look for stock bargains. If you have the capital, a recession is an excellent time to shop for quality stocks at bargain-basement prices.
- Cut back on unnecessary expenses and save some green. With a recession looming, it’s a good idea to save money in case of emergencies. That new car can wait until things are booming again. Experts recommend having at least six months of living expenses saved up.
- Get a side hustle. The job market is wide open, so if you want to earn extra cash to stuff in your savings account or pay down that credit card, a part-time gig is probably there for the taking.
On the business side, marketing during a recession is another ball o' wax. But after helping clients through several recessions, we wrote a white paper about it.
Of course, we're medical marketing experts, not financial wizards, so consult your financial advisor before making important personal financial decisions.
However, if you have healthcare marketing decisions to make, especially when it comes to marketing during a recession, We've have experience helping clients through several recessions.
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