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Yahoo
05-05-2025
- Business
- Yahoo
Trump Doesn't Rule Out a Recession This Year — What Could That Mean for Your Wallet?
President Donald Trump made headlines in March by stating that he wouldn't rule out the possibility of a recession. The Dow Jones Industrial initially reacted to his comment by dropping nearly 900 points (about 2%). Find Out: Read Next: Beyond Wall Street's reaction, let's examine what the prospect of a recession mean for everyday Americans — and more importantly, their wallets? One of the biggest concerns with a potential recession is its impact on the job market. Melissa Cid, a consumer savings expert at and a mother of four, warned that this could affect employment and force tighter budgeting. 'If a recession hits, many businesses will need to cut costs, which will lead to layoffs and a shrinking job market,' Cid said. 'That means families may have to stretch their budgets even further as income becomes less stable.' While employment rates remain strong for the most part, though more than 10,000 federal jobs have been cut, and another 21,000 or more probationary jobs rescinded or cut, economic downturns can bring significant job losses, making it crucial to have a financial safety net in place. Learn More: Though inflation has eased slightly, prices for everyday essentials remain high. Cid stressed that budgeting for groceries and other necessities, which has already become a priority for many families, would become even more important if a recession hits. She said this is already manifesting in one specific way: 'There is new interest in an old savings hobby — couponing!' Cid said. 'I'm starting to see a resurgence in response to the rising cost of groceries and services. Couponing is the easiest it's ever been since you can do it right from your phone. Small savings can really add up by using coupons at the grocery store, comparative shopping and utilizing rebate apps like Ibotta and Fetch.' She also recommended shopping at supermarkets known for their low prices, like Aldi, and taking advantage of restaurant loyalty programs to cut dining costs. A recession impacts Americans differently depending on income levels. Aaron Razon, a personal finance expert at Coupon Snake, noted that it's middle- and lower-income households that tend to bear the brunt of economic downturns. 'If the U.S. enters a recession this year, two of the biggest financial impacts the average American should be worried about are the cost of living and limited economic opportunities,' Razon said. Unlike inflation, where prices rise but income often remains the same, a recession can bring reduced income, job losses and limited access to credit, he pointed out, all of which make it even harder to afford everyday essentials like groceries, gas and housing. For those already struggling, a recession raises the chances of increased debt, food insecurity and even housing instability. Even though a recession isn't guaranteed, financial experts recommend taking proactive steps to strengthen your financial position. Razon advised consumers to focus on financial flexibility by: Developing new skills to improve employability Diversifying income streams Maintaining a strong credit score to ensure access to affordable credit Managing debt effectively Optimizing investments Building an emergency fund with at least three to six months of living expenses 'The number one lesson consumers can take from past recessions is the importance of having a safety net in the form of an emergency fund,' Razon said. Another key aspect to watch if a recession hits is how the Federal Reserve adjusts interest rates. A recession could lead to either lower or higher interest rates. 'Lower rates could mean reduced debt burdens and lower monthly payments,' Razon said. 'On the other hand, higher rates could result in increased debt burdens and reduced affordability, particularly for those carrying credit card debt, mortgages and personal loans.' For homeowners, a recession-induced rate drop could present an opportunity to refinance at lower rates. For savers, however, lower interest rates might mean reduced returns on high-yield savings accounts and CDs. While recessions bring financial hardship, they can also present opportunities for those who are prepared. As Razon pointed out, lower stock prices during a downturn may create investment opportunities for those with financial stability. 'Unless consumers have maintained stability in their finances, have built an emergency fund and are informed on economic trends, they won't be able to leverage these opportunities,' Razon said. While Trump's statement about a possible recession has sparked concern, the best response is to take proactive steps to protect your finances. Whether it's tightening your budget, increasing your savings or diversifying your income, preparing now can help you weather economic uncertainty should a downturn occur. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 12 SUVs With the Most Reliable Engines This article originally appeared on Trump Doesn't Rule Out a Recession This Year — What Could That Mean for Your Wallet?
Yahoo
02-05-2025
- Entertainment
- Yahoo
6 Best Items Under $100 for Middle-Class Families To Buy at Disney World
With ticket prices starting at $119 per person per day, a trip to Walt Disney World is no budget-friendly adventure. For a family of four, just getting into the park at the standard ticket price is nearly $500, and that's before food, transportation and accommodation costs. Find Out: Explore More: While a trip to the happiest place on Earth isn't cheap, rest assured, there are ways to cut back on spending and keep the trip affordable, without losing any of the Disney magic. For middle-class families heading to Disney World, here are six items under $100 that are worth every penny for keeping costs low and spirits high. Price: $39 per person Did you know Disney offers tours? If you're heading to Animal Kingdom with an animal lover, this close encounter with the African elephant herd is a must. 'I highly recommend the 'Caring for Giants' tour at Disney's Animal Kingdom,' said Melissa Cid, consumer savings expert at 'For only $39 plus tax, this small group experience offers an up-close look at the park's elephants, along with fascinating insights from cast members and a chance to ask them questions.' Read Next: Price: $34.99 to $59.99 If the $250 luxury lightsaber-making experience at Savi's Workshop is out of budget, fear not. Head to Tatooine Traders instead for a more kid-friendly, wallet-friendly version. With multiple blade colors and customizable pieces for the activation switch, sleeves, emitters and more, this hands-on activity offers a buffet-style approach to lightsaber building. The best part? These lightsabers light up and are great for play, not just display. According to WDW Prep School, there are four options to build-your-own lightsaber that range in price from $34.99 to $59.99. Price: Varies Standing in long lines for hours isn't easy for little ones — or even impatient teenagers. If you're visiting Disney with kids who aren't a fan of long wait times, splurging on the Lightning Lane Multi Pass is worth every cent. 'Time is money, and saving time at Disney World requires planning and the Lightning Lane,' said Steven Griswold, owner of Pixie Vacations. 'I hate paying for extras, but this pass lets you get on so many more attractions than you would be able to without it.' Prices vary, but WDW Magazine reported costs between $15 and $39. Price: $60-plus per adult You can't beat dining in a London greenhouse-inspired restaurant overlooking Main Street and Cinderella's Castle — unless you can also be joined by Winnie the Pooh and friends. At the Crystal Palace, you can enjoy buffet-style meals for breakfast, lunch or dinner while meeting members of the Hundred Acre Wood. While it's a pricier option, the memories are worth the splurge. Just be sure to reserve your table in advance, as this dining spot is always in high demand. Price: Varies Staying at a Disney World hotel or resort? Keep the magic going on the ride back to the hotel with Disney's 'Minnie Van.' 'Budget for Minnie Vans, especially when leaving Magic Kingdom,' said Ben Armstrong, CEO of Famvia Travel. 'While we love staying inside the Disney Bubble, sometimes you just need to get to the hotel quickly. Disney has a partnership with Lyft, and you can take a 'Minnie Van' straight from the exit to your hotel. They'll even set up two car seats for the littles.' While the price for this service can vary depending on where you're going, Mouse Hacking reported that it usually costs between $30 and $70. Price: $44.99 Elevate your kids' Disney experience with the long-standing tradition of pin trading. Pick up a starter pack at any of the park's souvenir shops and invite your kids to trade with cast members and guests throughout the park. If your family loves a scavenger hunt, pin trading is a simple way to make downtime more fun between rides and during long wait times. Kids can search for their favorite characters and trade pins, all while scoring unique and affordable souvenirs. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 12 SUVs With the Most Reliable Engines Sources Melissa Cid, WDW Prep School, 'How to Build a Lightsaber at Tatooine Traders (& Save Money, Too!).' Steven Griswold, Pixie Vacations WDW Magazine, 'Cost of Lightning Lane Multi Pass: Our Guide to Disney Lightning Lane Prices.' Ben Armstrong, Famvia Travel Mouse Hacking, 'Using Disney World's Minnie Van Service.' This article originally appeared on 6 Best Items Under $100 for Middle-Class Families To Buy at Disney World
