How To Prepare For A Recession - Tough Times Ahead
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- Опубликовано: 17 июл 2024
- I've been watching various markets over the last year and been getting more and more concerned about what this means for us all financially. The cost of living crisis here in the UK is really starting to bite (and is also causing issues all over the world), and a recession is starting to seem all but inevitable.
In today's video I wanted to walk you through some of the factors that make me believe a recession is likely, what this means for us as the general public, and what you can do today to prepare for a recession.
Apologies to my overseas friends, most of the figures in this video relate to the UK as this is the market I'm most up to speed with. I do take an interest in markets & economies around the world, but less so than the UK, however many of the things mentioned in this video are causing economic issues around the world.
Also wanted to add - I am on a fixed rate deal in reference to my energy bills, however the timing of my house move meant that I am on nowhere near as good a deal as I was at my previous address. My energy provider would not honour the previous deal when I moved so I was stuck between a rock and a hard place. The increase in my bills is also likely in relation to the type of boiler I have, I have a traditional boiler with a separate hot water tank, which can be more expensive to run than an combination boiler. When I moved in I put the system on auto (as the previous owner had set it up) and with hindsight I believe I was possibly using more gas (particularly in relation to hot water) than I needed. In theory I should be able to bring those bills back down somewhat despite the cap increase as have been really frugal with having it on (not always fun) and am looking to make a couple of changes in the coming months.
SOURCES:
www.energylivenews.com/2022/0...
www.dailymail.co.uk/news/arti...
www.themoneyedit.com/househol...
www.moneymarketing.co.uk/news...
www.bbc.co.uk/news/business-6...
www.dailyrecord.co.uk/lifesty...
www.bbc.co.uk/news/business-1...
www.bbc.co.uk/news/business-6...
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Over the last few years, I've come to the realisation that whilst a certain level of material things do add to your life, more stuff will not necessarily make you happier. This realisation hit me when I looked around my home that was filled with stuff (so much so I felt I needed a bigger house) and couldn't say I was particularly happier than when I lived in Spain (in 2008) when everything I had with me fit in one large drawer and a very small wardrobe.
These days I prefer to adopt a buy less, buy better approach, with a focus on quality over quantity, removing the clutter, and utilising my money in the best way possible.
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DISCLAIMER:
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This video has been on my to do list for well over a month now, but then I got Covid and everything went off schedule. On the plus side though, it's meant that I've been able to add some more up to date figures than just my personal predictions and thoughts. I've been closely watching some markets since last summer with some concern and sadly that hasn't left. Unfortunately it looks like the future might feature a bit of a bumpy ride and some belt tightening!
Apologies to my overseas friends, most of the figures in this video relate to the UK as this is the market I'm most up to speed with. I do take an interest in markets & economies around the world, but less so than the UK, however many of the things mentioned in this video are causing economic issues around the world so will likely still apply wherever you happen to reside.
The situation is the same in the US and Canada.
@@lu_re7198 absolutely. Issues rising in places like Peru with sky high inflation especially with food. I think we all might need to strap in for a while!
My hours just got cut down they say because the demand has dropped for delivery.
Same what happened here in Malaysia. The groceries and others price going up in between 15% to 20% especially after the Pandemic.
@@Craig121000 what are you on about ‘I hope you realise’. At NO POINT did I suggest a recession is ‘a game’. I find your comment really quite condescending. Widespread poverty will cause much more illness and death than Covid ever could.
I am so perplexed into how we are forced to pay so much money to governments and companies in order to live… no human being should feel cold, heat, hunger and necessities to live… 🥺
When you start digging into how much we truly pay to the government, not just in income taxes, but green levy’s on energy, tax on every item we buy etc etc, and almost no say in how it’s spent, it’s really quite enraging!
While it’s reasonable to debate the appropriate price, it shouldn’t be a surprise that there’s a cost. Necessities to live always requires resources, even Hunter-gatherers have to expend time & effort. I don’t understand why anyone would think it should be provided for free.
@@chemquests I don’t think anyone thinks these things should be free. Probably taken the comment too literally there.
@@KirstyKirby of course, typically this kind of comment implies someone subsidizing the cost to make it freely available to those who can’t afford it. To say no one experiences those things is also an exaggeration. Implying the costs we pay currently should ensure universal relief when clearly it will cost more and can’t realistically be ensured. My response was actually stimulated by the “perplexed”part of the comment, because to me it’s just math & priorities. Perhaps it was meant as expressing perplexity at society’s priorities.
@@chemquests at no point did I say no one receives benefits. Again I think you are now taking my comment either too literally and attributing alternative meaning to it. I think what the original poster meant was that things should not be so expensive when you are a normal working person that you cannot afford to heat and eat.
I think you have hit the nail on the head. The Electric Company here in Barbados issued a statement informing customers, that our April bills will be rising and it is time to cut back on our usage. I can only imagine. I have decided to invest in a solar panel which will power my fridge and stove, installed LED bulbs, cut out using the fan during the day and only turn on lights when I have to. The price of food has gone through the roof and when you go the supermarket there are a number of items that cannot be found. I have also cut the amount of lunch I eat daily because my thinking is if food starts to ration I would not be that hungry if I had to cut the amount suddenly. I would have gotten use to the lesser amount. Stay safe and continue the good work.
Its quite worrying isn't it? I too am finding lots of empty spaces on some items in the supermarkets and we are being told there are no shortages at the moment - hmmm I disagree. I too have wondered if I should be minded to try and make things go a bit further just in case some shortages get worse.
Glad to find a fellow Barbadian. I agree with your strategy and wish you the best.
During the pandemic and hurricane that destroyed PR we had to lower the ammount of food we consume. Instead of eating 3 meals, it would be two and maybe some snacking in between.
Thank you for sharing!I am in the states and it feels like my grocery and fuel bills have doubled already. :( I feel like it's going to get worse for everybody.
Everywhere.
I know what you mean, food is starting to rise quite sharply here now. I agree, I think we are in for quite a bumpy ride.
I recently watched a documentary on the struggles that UK citizens face with the energy costs. I was horrified 😳. Here in Quebec Canada, water is an abundant natural ressource and we have hydro electricity. People here think it’s expensive, but when I compare our cost to Europe, it’s peanuts really! But we are not spared by the astronomical rise of inflation, and I’m grateful everyday to be in a place where I can still have a simple but comfortable life. Great advices Kristy!
Yes so called fuel or energy poverty is a genuine issue here, shameful really when we are said to be one of the richest countries in the world. I know what you mean, I've found I can be perfectly happy with a book, pottering in the garden, a walk in nature - of course I love lots of other things that cost money but with things looking like they could be difficult in the road ahead, I too am grateful that I can find pleasure in quite simple things.
Same here, from Chicago in the U.S. I had no idea, but apparently we pay basically nothing for our energy costs. My monthly energy bill comes to about $55-$60/mo (£43/mo). The cost of energy in the UK quoted in this video literally blew my mind
@@jordanwilliams9300 if you are not wasteful and you home is well insulated then it's not as bad as it sounds.
But food is cheaper in Europe
@@ep1929 I’m not ‘wasteful’. I find the inference that I am utterly rude. I’ve been incredibly frugal with my energy since moving into this house and am replacing to boiler to a more efficient one when I can, but it still won’t make my gas and electric £43 a month. It wasn’t that when I lived in a flat that was incredibly insulated.
Thank you for your video, it was very informative and helpful. I live in the US, but the same points apply here. Gas was $3 here, but now it’s around $5.50 and public transportation around my area isn’t an option. On a happier note, I hope you have a wonderful day!
I know that feeling, I haven't had to fill up for a little while so whilst I was aware of the prices I hadn't seen the impact in person. Filled up last night, spent more than I usually would for an entire tank and it still wasn't full! You're absolutely right the US are experiencing the same issues.
Gas was between $1.84 and $1.94/gallon locally and Pre-Biden on Jan 19, 2021.
@@warrencusick1140 no it wasn't
Thanks so much for your video! Hubby and I have been married almost 50 years and have been completely debt free for around 20 years. Before that we had a house payment and occasionally a car payment. We have never carried any significant credit card debt. None of our children had any student loans. One went to college through the military and our oldest had scholarships and jobs associated with the college he was attending. One has his masters and the other has a PhD. We have always lived comfortably but never lavishly. It’s all about priorities
Just think about all the divorced men and women!@!!!no partners around since we have 200000000000p0p0 woman and no man!!!!!!
In the US I have a home less than the national average and here in the north east my heating has been $500 per month for oil to heat my home and to feed a family of 4 has risen to $800-1000 per month. It is getting more difficult each month. Oh and yes work in the medical industry and there are no raises for years. At some point this has to change.
I feel your pain - no pay rises for me over the last three years either. The company I work for said it was ‘due to the pandemic’. I’m glad I didn’t lose my job but still, effectively I had a pay cut each year taking in account of inflation! It’s really challenging all these additional costs, and so many people will struggle if inflation cannot be brought under control somehow. Really hope it gets easier for your soon Heather.
Would propane be cheaper?
Wish you had talked about the skyrocketing corporate profits driving so many of these high prices.
There’s so many things I could have added, as I said in the video there are many other factors, but only so many can be fitted in to a short video. The biggest factor in all this mess in my opinion is the incredible quantitive easing governments have done around the world over the last two years. It was only a matter of time before that would cause very large problems.
That is a democrat shell game blaming businesses. Prices are rising due to higher costs. Businesses can't just absorb rising prices of fuel and shipping. It's also supply and demand lower supply raises prices to slow the demand so that supply can remain. Moral of this story is government shut down the economy, flooded the system with dollars and then added heavy regulations to the fuel industry. Driving inflation as more ppl chased after fewer goods. Basically the ppl to blame are the government and the did it knowing what would happen. They're not stupid. Enjoy the elites plan for us to eat bugs and de-populate aka starve. But at least we voted orange man bad out. 🙄
Excellent point. It has nothing to do with politics. It's simply a fact that corporations are driving inflation with greed.
@@KirstyKirby two years? Or 10? I don't think it ever stopped since the 2008 crash...
@@bla7091 I don’t disagree but the acceleration over the last two years is worth noting
I think the recession has already started . I'm a hairdresser and business is down by half . It didn't really recover after lockdown this will ruin it 😕
I was thinking kinda the same thing. It may not meet the technical definition but we are already living it.
Oh I’m so sorry to hear that Elaine 😢
Just found your channel today. I love it! I’m binge watching your segments! You are very down to earth and knowledgeable! Great channel!
Thanks Kerry! So pleased to hear you’ve been enjoying my content x
Thank you so much Kirsty! Your video and advice is so helpful.
Thanks so much for watching Beth 😊
Thanks for such clear and helpful explanations…..I respect that your information is not political or alarmist, it’s calmly presented with supporting evidence….good suggestions on how to manage, not just “ doom and gloom” or “ blaming” presented here….
Thank you for such a lovely comment. I’m hoping to bring personal finance information to others (amongst other things) in a clear, easy to understand way. So much information out there seems unnecessarily complicated so your comment made my day. Thanks again!
HELP! in past years, my YT income statement from google came as a 1099 NEC and Turbo tax treated it as personal income. This years 1099-NEC was treated by turbo tax as a business and so had to pay business taxes. I earned $20,000 less in 2021 than in 2020, but my 2021 income tax was about $6000 higher. Does this sound right?? Did all RUclipsrs have to list income as a business income rather than personal income???
I’m really sorry I’m not going to be able to help on this one. I would suggest seeking out an accountant or similar who is familiar with the rules around content creators/RUclipsrs etc. Hope you get to the bottom of it.
Agree with all your points. We are experiencing the same things in the US. I hope a recession doesn't happen, but the likelihood seems high...
I really hope it doesn’t happen. Not just for myself but for others too. I know many families are struggling to keep their heads above water financially already - like you say though, it’s starting to look rather likely. X
The recession has been going on for a while...
Love your videos. Great educational,supportive interesting content. Keep up the great work!
Thanks so much for your lovely comments Amanda xx
Thank you so much for this video, new subscriber here! Very informative and easy to understand - also really needed to hear your last point about not worrying because these things tend to keep me up at night 😅
Hi Claire, thanks so much for watching and subscribing! It is concerning, especially with future energy costs even higher, but I’m a believer that we aren’t at our best in panic. If we can try to think clearly and look at what we can do, it’s a much more empowering position to be in 😊
Great video and very informative. Thanks for sharing!
Thanks for watching 😊
I truly believe that there could be civil unrest on the streets this winter. People are scared of how they are going to manage their bills over the next six months. The council won’t be in a financial position to help, no matter what The new PM does it will not be enough, unpaid bills or rent will force companies or landlords down a legal path to try and recover there outstanding monies, people will then have a bad financial score put upon then which in turn will make matters worse. I feel that any little nuggets of information on how to help yourself in these trying times is worthwhile and well done for putting this video out there. Even if you do just one of the points made it must help a little, and every little helps!
Funny you should say that, I have a video coming up tomorrow discussing that. 😊 I think we are in for a tough time, I really do, and I say that as someone who usually tries to take a very positive outlook.
And yes I agree, we shouldn’t have to be doing silly little things in 2022, but even small little things can help and add a few together and it can ease the pressure. Thanks so much for watching!
You had me until you got to the emergency fund, as I don't understand how to save more if I'm already under water because of price increases. I've decided to change how I shop and getting rid of optional things like Amazon membership. I've removed credit cards from my wallet and am trying to shop with cash. The stress is awful. GREAT video. I need tires for my car, but where? I can't afford $650 to get new ones.
Absolutely!
I’m on government payments (Australia), because I’m sick and cannot work, but the government won’t class me as disabled, because I’m not medicated yet. So I’m on the bottom of the food chain, money wise. my payments never increase, and the cost of living is out of control, and then add medical specialists etc on top of that.
I get like $15k (about $11k usd) a year, there’s absolutely no way I can save, and I barely leave my house unless I have to. I guess the options are go into debt, or go hungry.
This type of video is never helpful to me, and I’m assuming most people.
@@RachelJayne92 Do they have food banks where you live? Here volunteers hand out boxes of donated food a couple times a month for free. If I didn't have etc money I would get boxes when I could and preserve the food for later.
@@sweetpeasandyarrowaranchdi8327 apart from going to a charity eg Salvation Army, no. And you don’t get any kind of choice with the items you get, and so when you have food requirements eg, lactose intolerance, diabetes, fodmap restrictions, it makes it very wasteful
go to a used tire shop cheap and basically new
@@arthop1626 That's bad advice, as using used tires would void my warranty.
Also wanted to add - I am on a fixed rate deal in reference to my energy bills, however the timing of my house move meant that I am on nowhere near as good a deal as I was at my previous address. My energy provider would not honour the previous deal when I moved so I was stuck between a rock and a hard place. The increase in my bills is also likely in relation to the type of boiler I have, I have a traditional boiler with a separate hot water tank, which can be more expensive to run than a combination boiler. When I moved in I put the system on auto (as the previous owner had set it up) and with hindsight I believe I was possibly using more gas (particularly in relation to hot water) than I needed. In theory I should be able to bring those bills back down somewhat despite the cap increase as have been really frugal with having it on (not always fun) and am looking to make a couple of changes in the coming months.
Hello Kirsty. I just wanted to say I too have a traditional boiler. I have a timer facility, and I have found putting the timer on for 30 mins every morning, gives me enough hot water for a shower and also to use during the day and evening. Doing this only heats the water once, and if the tank is well insulated, should stay hot all day. It is only me living here however, I don’t think this would work as well I’d there was more than one person at home. Doing this, means my gas bill during the summer is very low. Thanks for the video, very informative.
@@sofiac811 hi Sofia, thanks for your comments. Thankfully I recognised the problem and after entering my last meter readings last night, have used less than half the gas in the last three months vs the three months prior. My shower is electric so I don’t need to turn the water on for that. Unfortunately though I don’t yet have a dishwasher so water is needed for pots and cleaning - although I’m hoping to get a dishwasher in the next few weeks as the constant pot washing is driving me up the wall! I would usually need the hot water to be on for an hour just for that, 30 minutes wouldn’t cut it sadly. I’m also more of a bath girl than a shower girl and I need the water on for more than an hour to get enough water for that. Come the summer I will have the system serviced and look into changing it to be honest as I’ve gotten away with not putting it on at all some days but it’s really inconvenient.
Edited to add - I’m super impressed that just 30 minutes gives enough for a shower and for what you need in the evenings - I wouldn’t have a hope in hell in my house!
Hello Kirsty 🙂 I must say I have a slimline dishwasher here which I use for virtually everything. If I had to wash up, I probably wouldn’t have enough hot water to last the day. I too am thinking of changing to a combi when the time comes, I don’t know how much the saving would be but I have heard they save some energy and every plumber I have spoken to seems to think they are the way to go. The advantage with a traditional boiler is however, when the heating breaks down I have the immersion as a back up for hot water. So I can at least have a hot shower.
I hope you are enjoying your new home.
@@sofiac811 yes a dishwasher definitely prevents the need for hot water and uses less water. It’s driving me mad now so I’ll be spending my weekend looking at what’s available. I put it off as I’m looking to replace the kitchen in the future and might end up needing different appliances then - but I’m taking the plunge, even if it means buying something different in the future as it’s driving me insane having pots around in a reasonably small kitchen, especially combined with the need for hot water.
I probably wouldn’t look to change it if energy costs weren’t so high but they are said to save around 30%.
Such a constructive video, thank you for telling it like it is and hopefully opening some eyes
Thanks so much for watching Jessica x
Glad that it's coming into summer so it will be more feasible to turn off the heat during the day. Rising energy costs hurts everyone, especially those in lower income brackets!
I’ve managed so far to not have it on in the day by wearing extra layers, woollens etc, but I will certainly be glad to see the summer months arrive when less blankets and thermal tops are needed!
Thanks for the video Kirsty. It was enjoyable and well thought out. How are you doing fighting Covid? I hope you're feeling better. Energy prices increased for us in the states over the past year. I pull everything out of the wall before I leave the house now. Saving as much energy/money as I can. It's good to prepare for hard times but we don't have to be fearful of them. That won't help anything. Thanks for sending a positive but realistic message.
Hi there, all good thank you. Was a mild experience really, only really ill as such for two days, just tired for about a week.
New subscriber. Great video... and as you say...not every thing can materialise however preparation is key, living below our means is essential and savings. Thank you. I started my budget journey on YT this year...tho I don't post videos as much any more...I definitely found cash works best for me
Thanks for watching. Pleased to hear you’ve found a method that works for you.
Love all your videos ♥️ hope you do a tutorial for everyday makeup sometime!
Thanks Candice. I’ll see if I can think of a way to include it somehow x
I like your videos. I am empowered and inspired. I managed to pay off my credit card and a store card which I was thinking I could do next year. However, after I made the payments and closed the accounts I feel "free". Next year I have four credit cards that need paying off . They are under debt collection agent. Hopefully I can pay off two the 1st half of the year and finish the rest by autumn.
This video is very practical. It amazes me how much the U.S. economy and living mirrors the U.K. Your mild accent also adds a nice listening element to your videos.
Thanks for your lovely comment Carla x
Thank you for speaking up.
Thanks for watching 😊
In Australia we are feeling it too. Petrol is up, groceries up, rent is up if you can find a rental with the housing shortage, interest rates are up. There’s many families that are working and still living in tents or homeless. It’s mental. There’s zero middle class now. You are either rich or you’re struggling. Housing prices here mean the average family has to save for 10-11 years just to get a deposit for a house. An average old brick or weatherboard house on the outskirts of the city is over a million with most families feeling as though buying will never been an option. It’s over $4 for one iceberg lettuce for god sake.
Sorry to hear that Em, yes it does seem to be a real problem globally. Very concerning for all. I completely understand the frustration with house prices, they are completely defying logic here! X
This was so interesting and informative - so glad you did this video!
Thanks! So glad you liked it! X
I live in the suburbs of Chicago, Illinois, in the U.S. I pay about $55-$60/month for my home energy costs (about £43). The amount you quoted for your home energy costs are literally jaw-dropping to me.
Believe me my jaw dropped when I got the email Jordan! It’s a ridiculous amount isn’t it? Ive been turning everything off to avoid using energy at all, thankfully it’s warming up here now but had some cold nights with many blankets over winter. I fear how bad it will be for some this coming winter with the prices set to increase yet again.
I live in the suburbs of Chicago. Nicor was $199, my ComEd $120 for just one month. And one is going up 50%.
I pay 300 in light and live in a tiny apartment T.T
How is it so low? I'm moving to oak park soon and I'm expecting a bill of ~$100/month for electricity alone for one person
We are paying about $500 extra per month. New car has higher interest (not crazy high) and we paid over sticker so that monthly bill up. There was little inventory so they could do all that. Usually I could get a zero percent loan buying last years model and this years going on lot needing the room. Not anymore. Insurance up cause cost to replace or repair it up. Food up, gas and electric up. And one will be higher in fall just got the official letter. We could not negotiate down cable internet as normal so not up but we should have been able to reduce it that isn’t counted in the $500. Our phone is up. We did add service but in a different era could have seen a reductIon of fees adding service. It’s weird in the states. We don’t have credit or school debt. If we did I don’t know where the extra to pay off debt would come from. We will be paying over a hundred a month starting August as school breakfast and lunches are not free for all next year. Right now pay $50 for add on items. He is a teen and they are best when fed. Paying for entree(s) will be quite an increase. This past year they decided everyone gets a base entree with a couple of sides for free. If you want extra you pay from parent funded account. Now they are doing away sadly. And he was arriving as school early and realized they have breakfast. I can’t imagine being a parent that has to tell their kid they can’t sit with the kids in the morning and have a cereal cause of money when last year they could. He brought during elementary cause there was an easy way to get the lunch boxes back and forth the cafeteria. Once he hit middle and high school there is lot of back and forth to the locker and limited time to do so. It just makes more sense to get it there.
I will have 6 months emergency saved by December 2022 - so just in time before shit gets real i hope? job is pretty secure - will be debt free by end of 2023. So as long as I can get through the next 18 months focused 2024 will be less worry cus i know this will last like 5 years before the world settles
Love the edit of your videos, new subscriber
I really hope things don’t get too bad, but it’s not looking great is it. I agree with you I think it might be rocky for a little while.
So glad you found me, I tend to do a mix of content but hopefully you’ll find something that’s of interest 😊
@@KirstyKirby everything you've posted is of interest! Binged alot last night hahah! Saved 1k this morning from my salary whoop!
IN 🇨🇦 If you have a property with some built up equity it is wise to get a line of credit secured by that property. The rates are the best but float with prime. You’ll then have access to cash when you really want or need it.
The housing market is yet to crash. It's just a slower cycle because of the length of the housing transactions. Very interesting video. Thank you for sharing. 🙏
Thanks for watching 😊
i live in Brazil and we've been struggling for about 4 years now - mainly due to awful government decisions. i hope next year things improve since there's an election this october.
Sorry to hear that Luiza, I've noted some of the issues around deforestation and cattle farming in Brazil over the last few years, but sad to hear of other issues. Hope things improve for everyone.
Good to hear that's its not only our country that makes stupid decisions..like we have been dealing with an energy crisis since 2008 and undergo constant loadshedding..gas has also recently gone up in price and petrol also. our food prices go up all the time. I think the best plan moving forward is grow your own and use other sources of power like solar
I am in South Africa.
You are joking, right?! Brazil has the best President ever and has been fighting against the left that wants to implement communism in the country. And yes, I’m brazillian and know what I’m talking about. The left ran the country for 13 years and literally destroyed the economy not to mention the corruption that was out of control. Thanks to Bolsonaro things are not as chaotic as it couldn’t get if the country was being run by a left communist.
greetings from the wild west/NV u.s.a - great content here.
Thanks for watching! 😊
I watched a video on Sri Lanka and most people can’t get gas for their jobs or for cooking even after standing in line for hours. The lived on 3 dollars a day when they had gas. There is some food but poor can’t afford it.
Yes the situation in Sri Lanka is horrible, and there’s barely a peep in the news about it sadly. Same in Peru with food and inflation issues. It’s quite worrying that people are facing these struggles, especially after the last two years, I think we were all ready for some better times.
share the video u saw
I’m sorry but I can’t find the one though when I googled gas and food shortages in Sri Lanka four came up. One was almost the same plus we help support an author and pastor who is native. He said they are helping feed the poorest with donations to him.
This video was all I needed :)
Thanks for watching Sofia!
How will this effect professionals such as doctors, engineers, tech industry workers etc? They all earn very well. Thanks
The majority of them are middle class. So it will still affect them. Recession affects everyone.
It will effect them but they'll be okay. We won't unless we play it smart
Great Job!!!
Thanks for watching! X
Love your content - it’s consistently interesting and educational!
Awww thanks- that’s great to hear!
On top of all that, the current situation in Russia/Ukraine isn’t helping. A lot of sunflower oil and fish and other supplies come from that side of the world into the UK. I run a fish and chips shop, I’ve had to up my prices on menu. And my customers have challenged it. I can only apologize to them and explain the current situation.
It’s cutting in the margins heavily and with the recession looming. Im scared
Hi yes that’s why I mentioned in the food section the conflict in the ‘bread basket of the world’. The potential food insecurity I’ve been following since late summer last year and have genuine concerns, it’s too complex an issue to have included fully here as the issues are not just related to Ukraine, although politicians would like us to believe this, the video would have been too long. You’re not the only person to mention it so perhaps I should do a video on it, I wasn’t sure if there would be appetite for it as I mainly look at personal finances, but perhaps there is.
I really hope things improve for you, very challenging for business right now when customers have less to spend, yet core materials are rising in costs. Best wishes.
@@KirstyKirby definitely do a video on that, thank you. Liked and subscribed 😊
@@jamieleroy4243 will add to the upcoming list then. Next up is a look at the housing market 😊
Very good video. Lots of information. Clearly you. Done research.. Very real. Realty. Hope you are doing well.
Thank you for watching 😊
@@KirstyKirby thanks for the reply. Have a good evening and week.
I heard something from one individual yesterday regarding his situation. Let's just say that I am thankful that I am not in his situation: married, 3 kids, large mortgage, large monthly mortgage payment (almost 2.5 times my rent), was just scraping by with his job, and now lost his job.
There are going to be so many people who are going to hit the wall all over the place. I'm from Québec just to be in context. Restaurants are systematically full each weekend. I'm probably the only one on my street in recent years who didn't invest money for renovations. People live above their means. Compared to 50 years ago when my grandparents were drastically living below their means all day long, the current society is totally the opposite. I don't how all these people will suffer in the next few months or years but it will not be good to see. Or I could be wrong and I'm the only poor in my town. :D
Hello to you in Quebec ☺️
I’m really quite worried about what could happen to some tbh. We’ve had rising issues with some parts of society really struggling to be able to make ends meet as it is. This is going to be so difficult for so many. And obviously there’s the danger of unrest when people have nothing to lose, the situation is already looking bad in Peru.
I agree, we do generally have a very different culture to past generations.
Fingers crossed it’s not as bad as I fear it could be.
Great info
Thanks for watching!
Where do you keep your 6 to 12 months of money specially now that inflation is high and interest rate are almost zero ?
It’s a challenge and frustrating for sure. But I’d rather have an emergency fund than not.
If I live in a house and can control the water boiler, and heater, I would be turning it off part of the day.
I do. In fact there are many days it’s never on.
my partner wants to buy a house at the end of this year... we are first time buyers and living with his family is hell tbh so i really want to get out but im scared that with me being and probably remaining unemployed we have a horrible chance of surviving
Oh I really feel for you. Its so hard to know what to do right now with things being so expensive, yet I was miserable in my last place due to the neighbours that I can in some ways relate. It's not a great time to overstretch yourself for sure. Hope you can work out a solution that works soon x
@@KirstyKirby thank you so much for your kind words its the uncertainty that is quite frightening and a mortgage is quite a big debt
@@NoName-zh9ov it is, although once done it doesn’t feel so scary. Although, I was in rented before and set up my mortgage so it was the same payment as my rental, so it’s been quite smooth. That said I don’t know what I would have done if I had the option to wait it out a bit, I might have waited if I was living with relatives. I can’t offer advice of course, but I would just say don’t be tempted to overstretch and renting isn’t that bad if you are really unhappy with the current set up. I did it for many years and although with hindsight I should have bought earlier, it worked really well for me for a long time. The first flat I had I loved and it wasn’t particularly expensive to rent.
@@KirstyKirby thank you very much, buying isnt normal where i come from and renting is the norm but ive heard so many horror stories from other people and friends in the uk that im quite scared to be honest and my partner seems to have quite the disgust towards the idea despite me saying its probably better. the situation with my in laws is unfortunately a sour one and ive had to live with them for two years now and it appears to be getting worse. i will look into renting more thank you again for your kind word and advice, it is so appreciated, being young in my 20s is scary as im expected to be an adult yet have not the foggiest clue of how the adult world really works, all your advice although taken with a grain of salt is so greatly appreciated as it helps get a better view of the things in a country im not too familiar with :)
@@NoName-zh9ov I lived in Spain and Germany for a period of time in my younger years and the culture in terms of buying property was definitely different than here. Renting is often seen as 'throwing money away here', but it's silly really, you are simply trading money for a home. On the whole my experience of renting was fine, but there are definitely horror stories out there.
However, pensions here aren't the best here and a huge motivator for buying was to ensure I had a home that I wouldn't be paying rent on once I retire. I'll see if I can add a video on renting vs buying to my list as there are pluses and minuses both ways and it could be helpful to some.
went to eat out in birmingham and my god the price of simple meal has gone up has gone sky high. Need to be very careful. I have 7.5 months emergency fund and trying to buy a flat. I feel i'll never get on if i don't buy now though. But as you say unemployment risk higher in recession and harder to get a job
Really hope you find something, it’s never easy getting on the market no matter what some people say, and it’s always hard to know when is the perfect time to buy. Often its when you are ready as the market is wildly unpredictable. I agree re the cost of things, I was in the supermarket the other day and found some increases really quite incredible really.
@@KirstyKirby Indeed. Now we got recession, high inflation and mortgage rates gone through the roof. Even harder to get on the ladder. But without first time buyers being able to buy the market wouldn't work as first time home owners wouldn't be able to sell
I’m so stressed about potential mortgage rate increases. I bought my house last year and I’m on a 2 year fixed rate mortgage. I think when the 2 years is up in February, rates will be significantly higher. I will try to renegotiate it and fix the rate for a longer period of time around September.
Edit: I have debts due to doing some refurbishments last year. I am definitely working on reducing that debt and build back some wealth.
I don’t know if this helps, but I think they will rise again by .25% shortly, and will likely reach 2% by the end of the year from the analysis I’ve been looking at. There’s been some musings that we could be looking at 3% next year but don’t think we will be looking at sky high rates of the past just yet (if at all). We are in a sticky situation really as inflation is simply too high but the interest rates have been too low for too long really and I would imagine the BoE would be reluctant to send them too high too fast because of the impact that would have. It’s crap to have to be thinking about this after the last two years isn’t it!?
I live in Spain and we also paid 40% more on our bills this year. Like you have to get to the point where you hardly put heating in your home is ridiculous, and not everyone could afford that.
Sorry to hear that Anna. Yes I’ve been trying to avoid putting it on at all where possible and just wearing extra layers even though it’s not been exactly fun doing so. But many people will not necessarily be able to do that as you say, I do feel for the elderly who feel the cold more, or perhaps those who have a child or relative with them who needs to be warm, some will find it incredibly difficult financially.
Hello Anna. I live in the U.S. I’ve been watching all costs rise, so I’ve adjusted my spending and consumption. I’ve been more conservative and using less electricity and heating but there’s no avoiding the fuel charges since I must commute. These are challenging times. I am definitely shoring up my emergency fund. I have no debt and have decided to cancel our vacation which we wanted to go on so badly since we haven’t left our state in years now due to COVID. Bye…
I feel like the recession hasn't ended for me in the US and now I hear there's another coming. My thoughts? I don't think I'll ever meet the children I wished to have when I was younger because I can barley afford to keep myself afloat.
I can relate to that feeling. I don’t have children myself, despite always thinking I would when I was younger. However I don’t know how people manage with things as tight as they are right now, must be so difficult for people with little ones.
A great way to save money with food is to eat more lentils, beans and chickpeas. They are healthy, delicious, Ave much cheaper than animal based proteins.
Hi Marie, I’ve discussed this very tip in my video on how save money on food. It’s available on my channel if you haven’t seen it.
This wasn’t really a video on specific money saving tips, more looking at a recession what it is, the factors causing it and what you can do. But of course budgeting and building and emergency fund as discussed in this video can be aided by looking to bulk out meals with legumes. Some people do have problems processing them due to lectins though so it may not work for all. But yes, good tip for bulking out meals.
Avoid taking on additional anything?!🤨
From my understanding, when you factor in inflation, wages have not increased since the 1970's.
Inflation is a monetary phenomenon inflation is already in double figures. Due to MONEY PRINTING the BBC Continues to say higher prices are causing inflation. The opposite is actually true inflation is resulting in higher prices. What causes inflation is the governments issuance of more currency there is absolutely no way that this inflation Will stop. It is likely to end in hyperinflation like why more republic in Germany in the 1930s or Zimbabwe in the 1990s 2000s or Argentina or Venezuela in all of these cases the government printed their local currency in order to try and inflate away their debts.Our government is doing the same they are pretending that they don’t want inflation but they realise that high inflation is the only way they’re ever going to pay off their debts by effectively reducing the value of the capital they have to repay. A conservative estimate is that your money in the bank is losing value at 10% per year at the moment this is likely to increase to 15 possibly even 20% plus so if you have £1000 in the bank at the end of 12 months it would be worth £900 in terms of purchasing power at the end of the second year it would be worth £810 et ceteraPeople think that prices are rising but the reality is the value of the currency they are using is falling and falling fast.
The best solutions are to exchange your currency for real tangible long-lasting assets. If you only have a small amount of cash by the things that you need or think you will need nowEven long-lasting food items would be worth buying now as the likelihood is they will increase by 20% over the next 12 months so for example if you liked tinned mackerel or sugar buy it now as it has a very long shelf life and it is likely to be at least 20% more in 12 months time.If you have a larger amounts of cash exchange it for agricultural land (£10,000 per acre)Or other tangible assets although I would be wary of residential property where the prices that people are paying are a function of the availability of credit through the mortgage system which is likely to collapse the real value of residential properties is probably half the price that people are currently paying so there is probably likely to be a collapse at some stage after a hyperinflationary run up.
The collapse will be precipitated by a restriction in mortgage approvalsBy the wayWe are being told that fuel prices arising due to the war in Ukraine.
You are search on Google and you’ll see that the cost of Brent crude is no higher than it was 15 years ago in 2007.
When the price of petrol in the pumps was less than a pound per litre you might ask yourself then why is it so high at the pumps? Well nearly 60% of the price you pay is taxation the government therefore have no incentive for the price to be lower they could easily reduce the tax on the fuel to stabilise the price in fact this was why the tax was set as it was as a mechanism for reducing it in inflationary times however the government is refusing to make any meaningful changes to thisIf you stand back and look at this whole situation objectively you will realise that the working classes and middle classes are being forced back into serfdom.
They believe we, the Serfs, have had it too good for too long and They want to ‘reset’ the game. Anyway good luck to everybody out there if you have a garden get planting. The vegetables you grow are free of charge and also free of pesticides herbicides and fungicides so they will be healthy and nutrient rich and won’t poison you like the industrially produced processed food.If you don’t have a garden search on RUclips and learn how to grow micro greens these are probably the most nutrient dense foods you’ll ever eat and completely fresh all year round and you can grow them in any house this way you are doubling up on the heating that you are spending and you only need a sunny windowsill in the spring summer and autumn months you might need some supplementary LED lighting in the winter but no wattage grow lights are available now and the food he will have every day will be amazing and Most healthy food you can give your family.
Peace!
Hi DJ - you are absolutely right with many of these things listed here, unfortunately I wasn’t able to delve deep into these things in this video as it would just have been way too long - I was going to cover some of these items listed in future videos but you seem to have done it for me 😉
@@KirstyKirby hi Kirsty. Only just. Come across your channel and your content is excellent and. Very well presented. I agree it’s important to lead people gently into an awareness of macro economics …. I noticed that you’ve transitioned from a make up channel to your current content. Good for you :-) please keep up the good work . I’ve subscribed today
@@DJ-uk5mm yes it’s been about 4 years since I regularly made makeup content - moving to finance and money saving etc was a natural progression really, but feels so much more suited. Ever since I was in my teens I’ve been reading about personal finance, money management, entrepreneurship etc. This feels much more natural and people seem to be enjoying it which is great! I can’t promise there will never be a sprinkling of other things, but given the potential economic disaster I fear we could be headed for, I think this topic will keep me rather busy!
Great video, I argee with the points made. In Singapore, Petrol and Diesel have been rising $0.90 per litre. Now its $3 per litre, all time high.. Since Covid, Inflation for common food have risen to close to 2.4% year-on-year, the highest in 9 years. Houses prices are soaring too and due to covid there is delay in building of new public housing, demand is higher than supply. The wait is 8 years compared to 5years with a higher price tag.
Thanks so much for watching! Yes these price increases are affecting people all over the world and house prices keep defying gravity. Thanks for sharing your insight.
The time to prepare for an impending recession is years before that recession hits. Pay off all debt and have a savings account in place. This way you are always prepared for a recession.
I have savings and no debt (bar my mortgage). I agree this should be something you are always prepared for financially, but for those that aren’t, the best day to start is now, people can’t suddenly go back in time - well until we can get a time travelling Delorean!
@@KirstyKirby i was told having savings during recession is not a good thing as it erodes its value.
@@rinakaur7245 that’s to do with buying power. Inflation causes the savings to be worth less in relation to buying power. Having absolutely no savings through a time when cost of living is high and unemployment tends to rise is a recipe for disaster.
@@KirstyKirby yes agree that having savings is a good thing to ride out times of uncertainty. Job security always a worry but now more than ever.
Food companies are reporting record profits. Sad.
In Texas here with heat going into triple digits my electric bill has been running 230 im sure it’ll be 300-350 this summer. This is all ridiculous
It really is. Hopefully we can all find a way out of this mess and soon x
Recession: a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters
Yes. I used a more simple description in the video to account for all levels of understanding but it doesn’t mean it was incorrect.
Treating myself has no potential of causing me financial pain. Treating myself is Chinese takeout, two apple pies from McDonald's, things like that.
I pray to God that’s how I care about recession and other problems
A 👍 for the "don't panic " reminder... :)
Thanks so much for watching!
If people can look at cheaper Country's Retired people have options, look elsewhere my electric per month is less than ten pound per month food is much cheaper housing costs are far far cheaper, where is this Thailand I made the move 12 years ago I look every day at such video's it is sad to see. Thanks for the video good luck UK.
Hi there yes the cost of living is cheaper in some other countries for certain, but its also a different way of living and every country comes with its pros and cons (in my experience of living in several countries for extended periods when I was younger). My aunt lived in many countries teaching English and now settled in Spain for her retirement. Thailand absolutely wouldn't be for me but I'm so pleased to hear you are happy there, and I wish you a very happy continuation of your retirement! :)
@@KirstyKirby Thanks so much I hope your followers find a way through these difficult times were in uncertain times with no good news on the Horizon. Thanks for your reply.
Always live within your means regardless how well the economy is doing.🤨 Those who don't pay the price.
Printed money! Printed money!!
Very much so. You’ll probably spot in other comments I’ve said that excessive printing for two years was always going to have these terrible outcomes. I tend to avoid talking about it overtly as Covid in general, and the response to it, is still a very polarising issue.
You are brilliant , you are like the female Martin Lewis. I
Love your videos , what a clever lady you are. I’m not sure if your on your own or have a partner. Put if you do what a lucky person your partner will be with your self sufficiently. Truly Inspirational.
That’s very kind of you to say Judi and high praise indeed, Martin is great!
Hate to say this but truck drivers wages did go up for a short period, but are now rock bottom again.
Thanks for the update Mark. I did film this over a month ago, but I’ll admit I hadn’t tracked the wages since then. That’s a real shame.
u looks so pretty i love ur video 2:21
When youve been broke for years and know things have already getting barely paid and arent even emotional anymore.
I hate it here
Sorry to hear that Dominique, it’s not looking great for any of us at the moment. Really hope things improve for you soon.
You seriously need to get district heating
It’s not really used in the U.K. Magda. Only around 2 pc of homes in the U.K. have a form of district heating and tend to be those in dense urban areas (I’m in the suburbs and eventually would like to be rural - dense urban is my idea of hell on earth 😉)
And all of them are now recording record profits.... i wonder why
I know, it’s grotesque really isn’t it
It’s already here
I filmed this two months ago 🤷♀️
I'm so worried my gas and electric. Went from 50 to 200 im a single person with no kids in a flat my monthly shop went from 200 to 250 im only 23 I've never had to deal with anything like this.
I’m so sorry to hear that. Energy costs are really bothering me too.
Try using energy saving power plugs that shuts off appliances automatically during certain hours of the day and buy a solar panel with USB output that can recharge USB rechargeable lights. I no longer use my apartment lights as I have those devices installed in each room. I recharge the lights with my foldable solar panel that hangs on my window ledge during the day then I hang them up on the light awning at night. I have free light all year round and my energy bill has more than halved. All these devices can be bought from AliExpress imported from China. Goodluck.
House price crash in the UK soon be careful ❤️❤️❤️❤️❤️❤️❤️❤️
THe US Economy shrank by a 1.5% in April and given the inflation that's been taking place, it should have been impossible. The recession is here, it just hasn't been called yet.
I agree. It’s only a matter of time.
Get your home ready and stock up on your food
Hi Leann I didn’t cover the issues regarding food insecurity in this video as it’s incredibly complex and not entirely related to the potential coming recession. The causal factors are a little different, but I do have some concerns about coming shortages.
One should invest in the stock market during a recession.
I did say in the video I wasn’t covering investments.
you guys in the UK don't have student loans do you? A whole other level of debt and stress
Yes people in the U.K. definitely have student loans and debt.
Isn't it sad that this whole situation is self imposed?
It really is. Massive quantitive easing combined with huge supply chain disruptions was always going to end one way.
The USA is in the same spot. We are all having issues some states not as much because they didn't destroy their economy with insane lock downs.
I agree, I avoid talking about anything related to Covid as it is still so polarising, but the last two years are very much a part of why we are in this situation.
Yes, and how does this address problems in Rotherham?
Why are you commenting on every video about Rotherham? It’s not a video about Rotherham.
We might not see it, but, I assure you, at some point we will. From all that I have seen in the last 20 years, particularly from 2008 forward, and all that I have read, we will experience something that will eclipse The Great Depression. This we will be global and we see the tell tale signs of it now- Venezuela, Sri Lanka, Turkey. We are headed for serious, serious trouble.
I stayed and watched the whole video waiting on some information about investments lol
Oh no I’m sorry! Perhaps I should look into investments for another video. Thank you so much for watching though, I really appreciate it!
The worst thing about about all this is that bread in aldi has gone up from 45p to 55p....its shocking....
I’m sure you are being sarcastic and trying to be funny but for some people when all the basics go up by 10p they cannot afford their shopping. Energy bills have skyrocketed and people are already choosing between heating and eating. I don’t particularly think it’s all that funny. 🤷♀️
Hi, I'm Mia,
Great news for the rich! They will have an awesome opportunity to buy low sell hi and buy out smaller guys to monopolise the giants more.
beauty and brains.... quite a woman.
Ha ha thanks!
@@KirstyKirby over here we are adding lots of ammunition to your list. But I'm in love with you anyway.
You have a lamp on in your room when there is enough light in the house.
No incorrect. The lamp is on to balance the light in the camera. I do not have them on in the day when not filming.
Good advice but you're talking to Americans with no money, no savings, lots of debts and no budget. It falls on deaf ears.
Hi Karla, I can only try to be heard. I do appreciate that for some even building a simple emergency fund seems like an impossible task due to budget and income restraints.
all part of design
Well we can either moan about Schwab and his ilk online, or try to do something about our personal finances to give ourselves options 🤷♀️
Keep a sense of humor and reality.
Absolutely, for me a bit of humour is how I manage the final tip - don’t panic.
I am saving every penny I can in order to leave the USA
Just an observation but burning a table lamp in the background during daylight smacks of hypocrisy when talking about struggling with bills.
It’s needed to balance the lighting in the camera or it’s super off. I don’t use them in the day time ordinarily.
Your thumb nail is condescending. You really looked concerned 🙄
I am concerned? I’m sorry you think it’s condescending, that’s sad to hear.
I’m not gonna watch this but I hope you mention helping others 😅
You’ll never know 😂