SYRACUSE, N.Y. — Saving money during a time like this can be difficult for many Central New Yorkers.
The prices of consumer goods including food and gas are making life less affordable.
Inflation is here and there’s not much we can do about it.
However, we can adjust the way we spend our money, leading to more money saved in your wallet.
The nation is inching closer to its first inflationary recession since the 1980s, which lasted 16 months.
Hang tight, Central New Yorkers; experts believe another recession is about to begin, that could potentially last up to 13 months.
“We’re not technically there yet. However, anyone that is in this economy will feel that we are in a recessionary period. So, it hurts people, they’re feeling it at the grocery stores, and they are feeling it at the gas station,” said Mac Cadaret with the Cadaret Brokerage Group.
The CenterState CEO says Syracuse is the 16th most affordable place to live in the country.
The median home costs $88,000, way cheaper than Albany, which has a median of $238,000.
Financial experts are urging Central New Yorkers to find a budget that works and then stick with it.
“You have to be disciplined in these kind of times,” said Cadaret. “You have to do a budget, stay with it, then when this pressure comes out you will be in good shape.”
Cadaret Brokerage Group says you can take your paycheck and break it up in three ways to help save a few bucks.
50% goes to expenses, 30% goes to things you want, and 20% goes to savings and income.
Experts believe the COVID pandemic was the start of inflationary pressure.
A tip from experts: stay out of credit card debt as interest rates are rising.
