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I built up my emergency fund over the past few years, and I'm glad I did. I'm not anticipating a layoff for certain, but I wouldn't be surprised if we slid into a recession and things got pretty tough. If we get into a major energy crisis, which seems possible, there's no telling what kind of repercussions it could have.
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That’s great! I haven’t done that and I’m wishing I had.
Honestly, I've reached maximum capacity when it comes to freaking out about all the changes to the economy, prices, etc. We went through and eliminated most of our discretionary/fun spending and we live on as little as possible, saving and investing the rest. I can't control what happens with the state of the world but I'm doing my best to keep my wants and costs low.
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I know if I focus on this war too much I will just feel out of control, and your right we only can control our own situation. But part of me feels like I need extra cash set aside, and I don’t have extra!
I’m just going to go to the Whitehouse and get some off those king crab legs and ribeyes that our tax dollars paid for.
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That sounds like a plan!
It is the 1970’s again. I am old enough to remember the 1973 oil embargo- Nixon was present. There were odd/ even days for gas, long gas lines, l was cold in the winter and hot in the summer. Unemployment and inflation were high - stagflation. We were poor. My point is we will get through this. Expect unemployment rates to increase if the war continues. If you have a job, be grateful. The best you can hope for is a
2% raise. if we end up in a recession then stay where you are until the global economy evens out. Things will get better.
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Great advice. It’s temping to look for a job that pays more but the security of what we already have in these insecure times feels more right.
This war with Iran is hitting harder than I expected already. Gas prices jumping is the most in your face thing. Just planning to track expenses more closely, cutting back on eating out/delivery, and prioritizing needs over wants right now
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Yes and I heard that when gas prices go up then everything else follows. So I think I need to go over my budget more closely and tighten up a bit more.