Skimm Money: Soft Landing, The 85% Rule, and Summer Travel

How the news affects your finances.

Is the US Heading for a “Soft Landing?” 

Inflation is still high, but it’s been cooling off. And it looks like a soft landing, aka a moderate economic slowdown vs. a full-blown recession, might be possible. But there are still a few speed bumps in the way. For one, high interest rates and stricter lending rules could put the brakes on economic growth. Plus, the return of student loan payments, ongoing labor strikes, and a looming government shutdown are creating a triple threat of economic uncertainty that could result in a crash landing. Not to mention the ongoing effects of the Ukraine war on the global economy, and the expected impact of the latest conflict in the Middle East.

Your move:

• Prioritize paying off your credit card debt. Because those high interest rates aren’t doing you any favors. Decide on a repayment strategy and consider shifting your balance to a credit card with low or zero percent interest. Another option: Taking out a personal loan, which could have a lower rate.

• Make the most of your purchases. Inflation is cooling off, but the costs of some everyday essentials, like groceries and gas, are still high. Consider getting a cash-back credit card to make your money go further. Reminder: Pay your balance in full each month, otherwise the rewards won’t be worth it.

• Update your LinkedIn profile. The job market is hot, but not too hot. Translation: It could be a good time to plan your next career move. Update your LinkedIn profile so you’re ready for that new opportunity. Ex: Add your latest experience and upload a new banner pic.

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If you want to do well at work… 

Relax, and try the 85% rule.

Dreaming of your summer vacay already?

Book early with this airline to save $$$. 

These Latina entrepreneurs…

Are balancing culture and success.

The Wall Street trends to know this week.

Rite Aid's stock took a dive this morning before its trading was paused. Despite recently securing $3.45 billion from lenders to do some financial spring cleaning, the drugstore chain filed for bankruptcy late last night. ICYMI, Rite Aid (along with many other drugstore chains) has been dealing with declining sales and legal battles around its alleged role in the opioid crisis.

One act of financial self-care you can do in five minutes.

Automate your savings.

Stay on track with your financial goals by automating your savings. Set a portion of your paycheck to be deposited directly into a savings account every time you get paid. That way, you can’t “accidentally” spend it on something else. (Looking at you, impulse buys.) Bonus points if you opt for a high-yield savings account.

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