Financial experts have been sounding recession warnings since the latter part of 2022. So if you’re worried about an economic downturn, you’re in good company.
New data from Northwestern Mutual reveals that 67% of Americans think the U.S. economy will enter a recession later this year. And among those who are expecting a 2023 recession, 19% anticipate it lasting more than two years. It’s not surprising, then, that 36% of Americans are cutting back on daily spending to cope with recession fears by doing things like eating out less frequently or postponing concert ticket purchases.
If you’re concerned about an impending recession, you may be inclined to cut your spending, too. But is that really necessary? Here’s how to know.
The less money you spend, the more you should be able to save. And as a general rule, the more cash in a savings account you