The fight between spending money and saving money doesn’t have to be a huge time-consuming struggle. You don’t have to spend hours reading books or listening to podcasts to learn the newest money-saving habits. In fact, there are many simple moves you can make today that will help you build wealth. For You: 6 Things You Must Do When Your Savings Reach $50,000 Trending Now: I Paid Off $40,000 in 7 Months Doing These 5 Things No matter what your short-term or long-term goals are when it comes to financial p ...

Core Insights - Vivian Tu, a former Wall Street trader, adapts her financial advice for her audience during economic downturns, shifting from wealth-building to recession survival strategies [1] Group 1: Emergency Fund Recommendations - Tu advises increasing the emergency fund target from three to six months of expenses to six to nine months during recessions to account for job loss and longer hiring cycles [3][4] - A larger safety net allows individuals to be selective in job offers and reduces panic-driven financial decisions [4] Group 2: Debt Management Strategies - High-interest and variable debt should be prioritized for repayment during recessions to avoid financial strain from rising costs [5][6] - Eliminating high-interest payments enhances cash flow flexibility, which is crucial when income becomes uncertain [7] Group 3: Spending Cuts Approach - Tu recommends making smart, discerning cuts to spending rather than adopting a blanket austerity approach, which can lead to dissatisfaction and failure [8] - The focus should be on eliminating convenience costs that do not add real value, while still budgeting for meaningful discretionary spending [8]

Core Insights - The article discusses strategies to mitigate the impact of inflation on cost-of-living adjustments (COLA) for 2026, suggesting that adopting new habits can help retain more of the COLA despite inflationary pressures [1][7]. Group 1: Financial Strategies - Recasting a mortgage can be beneficial for retirees who did not plan for a large mortgage payment, allowing for reduced monthly payments by making a lump-sum payment towards the mortgage balance [4][5][8]. - Utilizing online or mobile shopping apps can help seniors save money through digital coupons, deal alerts, cash back offers, and loyalty rewards, thus maximizing their Social Security benefits [6][9][10]. Group 2: Cost-Saving Tips - The article emphasizes the importance of reviewing monthly budgets to identify unnecessary expenses, which can lead to additional savings [7]. - It highlights popular mobile shopping apps such as Fetch, Ibotta, RetailMeNot, TopCashBack, and Honey, which provide significant discounts and savings opportunities [10].