Photo: Tim Douglas

How should we prepare for a recession 2022?

Steps Americans are taking to prepare for a possible recession Delaying major purchases like home or car. 34% Paying down debt. 29% Planning to reduce holiday spending. 28% Allocating more income to savings. 24% Staying in a job they don't enjoy. 14%

cnbc.com - Delaying big purchases, reducing debt: How to prepare for a recession

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The first part of that calculation is already true: The economy contracted in both the first and second quarters of this year by 1.6% and 0.6%, respectively, according to the Bureau of Economic Analysis. (An estimate for the third quarter will be released Oct. 27). However, the job market remains tight. The unemployment rate is a low 3.5%, according to the U.S. Bureau of Labor Statistics.

Inflation remains stubbornly high

At the same time, persistently high inflation — 8.2% over the last year — is pinching household budgets and causing the Federal Reserve to continue increasing interest rates. The general idea is that by making the cost of borrowing money more expensive, spending is reduced, which in turn will slow consumer demand and ease inflationary pressure. However, that also can translate into job and/or income loss — which generally is the primary pain point for households in a recession. "If we do go into a recession, it doesn't mean it will be bad or last long," said certified financial planner David Mendels, director of planning at Creative Financial Concepts in New York. "And it doesn't mean you're going to lose your job — or if you do, it doesn't mean you won't get another."

Having emergency savings is key

At the same time, he said, having a financial cushion in case of job loss is always a good idea regardless of what's going on in the broader economy. "Six months to a year's worth of income is what you should have in savings anyway," Mendels said. "Bad things happen even when there's not a recession." Keep in mind that while your emergency funds generally should be in a cash account, rising interest rates mean you may be able to find a better return on your money than you're currently getting, depending on where you keep it, said Kathryn Hauer, a CFP with Wilson David Investment Advisors in Aiken, South Carolina.

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Why hoarding coins is illegal?

“Coin hoarding results in the inefficient circulation of coins and prevents their primary use as medium of exchange. It hampers the efficient flow of transactions and causes an artificial shortage, which is disruptive to the financial system,” it added.

bworldonline.com - BSP calls for law punishing hoarding after seizure of P50M in 1-peso coins

THE CENTRAL bank is pushing for legislation against coin hoarding following the recent seizure of P50 million worth of coins in Quezon City. “The Bangko Sentral ng Pilipinas (BSP) is advocating the passage of a law on the hoarding of an extremely large volume of coins, as the central bank believes that the criminalization of this activity reinforces continuing efforts to maintain and protect the integrity of Philippine currency,” it said in a statement on Sunday. “Coin hoarding results in the inefficient circulation of coins and prevents their primary use as medium of exchange. It hampers the efficient flow of transactions and causes an artificial shortage, which is disruptive to the financial system,” it added. The National Bureau of Investigation, in partnership with the Bureau of Customs, the Philippine Coast Guard, and the BSP, seized a stockpile of P1 coins amounting to about P50 million from a warehouse on Oct. 1. Samples from the pile are still being tested by the central bank to gauge their authenticity. The central bank said the coins are from various design series. “Under its Coin Recirculation Program, the BSP encourages the public to refrain from unnecessarily accumulating coins, and instead use them to pay for goods and services or deposit them in banks,” the BSP said. The central bank released new designs for coins in 2018. The following year, an enhanced version of the P5 coin was introduced to make it easier to distinguish from the P10 coin. — Luz Wendy T. Noble

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What is the famous quote about preparation?

1. “The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr. Sep 12, 2022

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