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Live: Feeling Hard? (Data?)
This week is an economist's dream. Or nightmare. We'll see how it goes. CPI (Consumer Price Index), PPI (Producer Price Index), and consumer sentiment data all come out on Wednesday, Thursday and Friday respectively.
While I know index alphabet soup really jazzes you up, the upcoming releases tell us how the economy is feeling (soft data) and what it's actually doing (hard data).
CPI and PPI are hard data. These are measurable changes in prices that affect what you pay for Chipotle (or if you consider yourself classy maybe Cava). That said, these data come from the past few months.
Gif by laff_tv on Giphy, Sophistication, intrigue, Cava.
*No I am not sponsored by Cava I just hear good things.
Meanwhile, consumer sentiment surveys tell us how people feel about the economy right now, which can have an effect on the future.
So what?
This information sheds light on the age-old question "Are we going into a recession?"
Will it answer the question? Heck no! But it will give economists more information to be confused on.
More importantly it will give you a sense of how much prices are rising, and you may see news about the data over the next few days.
With recession fears looming, let's...
Learn: How to Recession-Proof Your Finances (Before You’re In One)
Recessions are more mysterious and problematic than your toxic ex. By the time it is confirmed you're living with one, you've already been feeling the pain.
The best way to weather a recession is by preparing in advance, not waiting until someone smart confirms all too late you're in one. Here's what you should be thinking about:
Emergency Fund: Whether it's one, three, six, or twelve months, have enough saved that you can cover your necessary expenses if things don't go your way. This is security. Keep it in a high-yield savings account where it's safe and earns some interest.
Savings Buffers: You don't need to pause the YOLO spending, but if you were about to drop $250 on concert tickets "because memories," maybe pocket a bit of that into savings instead and do something else grand. You’ll still have memories.
Diversify Your Investments: Recession doesn't mean no longer invest. But it does mean invest smart. Spread your investments across industries (e.g. finance, tech, manufacturing), asset classes (e.g. stocks, bonds) and nations. This can all be done efficiently with index funds.
If you’ve got these financial commandments down you will be oodles more prepared if recession strikes!
Leverage: Direct Deposit Split
Most employers let you send your paycheck to multiple accounts with direct deposit. This is one of the lowest-effort money tricks out there.
How it works:
Set up your direct deposit to automatically send a percentage (say, 20%)—or a set amount ($20)—of your paycheck to a savings account.
The rest goes to checking like usual.
Pros:
Saves money before you can spend it.
Builds good habits on autopilot.
The mental benefit of automatic saving really works. Trust me.
Cons:
Can be annoying to set up the first time.
Easy to forget and then get confused when your checking account is lighter than expected (because your savings bulk game is crazy).
Gif by ll-cool-j on Giphy, Direct Deposit has your savings game looking like this.
Launch!
The emergency fund is the lowest of the low hanging fruit when it comes to financial wellness. So have one.
Do whatever it takes (within reason). Cancel a subscription and reallocate. Ask for a raise. Automatically deposit part of your paycheck to savings. Smooch a leprechaun.
Whatever it is, do your best to make one. Keep it somewhere accessible and use it when you really need to.
An emergency fund is like insurance, but for everything. If you have one, a recession will fear you. ;)
Hey!
Thank you so much for being a part of this newsletter. I am grateful to write to you weekly and I hope this helps you feel more confident with your finances.
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I have a goal of helping people learn personal finance. It works better when more people get my emails.
Thank you for helping me (and your friend) out!
—Ben Brosnahan
