So many monumental things in finance happened this month and of-course our girlies over at Brilliant Girl Finance has you covered.
So what happened in finance in November? Well.......
Red states are hating on the Biden's debt relief plan, and basically want us all to drown in student debt loan forever.
What can you do? It is best to do nothing and wait for future updates on this plan. Happily, the student loan pause has been extended to June 2023, which means no payments need to be made to federal student loans until then.
Additionally if you're like me, and you paid all of your student loans during the pandemic, you can request a refund on all payments made from your loan servicer after March 2020, keep in mind that this will reinstate your loans.. (If you have me on instagram you would've saw that I already got my check).. however it is important to not spend this money until your loans are officially cleared.
The economy seems to be headed towards a modest recession in 2023, so please hold on to all your coins!
According to fanniemae.com “The economy continues to slide toward a modest recession, which we anticipate will begin in the new year, with housing leading the slowdown,” said Doug Duncan, Senior Vice President and Chief Economist, Fannie Mae.
Also in an interview with CNN, the amazon founder says, "Hold onto your money" the economy “does not look good right now.” "If you're an individual considering purchasing a big-screen TV, you might want to wait, hold onto your money, and see what transpires,” the billionaire recommends. “The same is true with a new automobile, refrigerator, or whatever else. Just remove some risk from the equation.”
High inflation rates can indicate an impending recession, and as we know it, prices for everything is super high this month.
What can you do? It is best to continue building an emergency fund for your household. This means you should have at-least 6 months of your monthly expenses saved in a savings account. If you don't, no shame! Just start saving now. (Ex. Your monthly bills total to $2,4000, you would want to have $2,400 x 6 months in your savings account or $14,400).
Additionally live small, and well below your means, small gifts for the loved ones, it is the thought that counts.
We hope that this monthly beat helped! Enjoy your meals today.
Sincerely,
Brilliant Girl Finance
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