How to secure your life from recession
Many Americans and economists believe that rising inflation issues, interest rates and housing costs can be warning signs of a looming recession. According to a Bankrate survey, nearly 7 in 10 Americans are worried about the possibility of a recession before the end of next year. Unfortunately, many Americans feel unprepared for an economic downturn. And we’re here to help you live well and work well – November 2022.
Predictions of an official recession are divided. Regardless, you can take the following steps to prepare or stabilize your funds:
- Understand your spending by examining and assessing your current finances, paying close attention to savings opportunities.
- Adjust your budget to plan for everyday and large purchases and stick to it. Remember to keep it realistic.
- Make it a habit to live within your means. People who adopt this lifestyle are less likely to get into debt and can reverse their spending to compensate for changes.
- Build an emergency savings fund—specifically, at least three to six months of living expenses—to pay for unexpected expenses.
- Diversify your food spending by shopping with a meal plan, buying generic products rather than brand names, or buying items in bulk.
- Negotiate your monthly bills (eg utilities, phone and internet) or ask about discounts or coupons.
- Consolidate your loans and pay off as much of your debt as possible.
- Secure proper insurance (eg, auto, homeowners, health and life) to maintain financial protection amid unexpected losses.
To manage financial uncertainty, focus on developing healthy financial habits for today and the future. Additionally, consider discussing your situation with a financial advisor. Talk to your employer if you need additional financial resources.
Summer time and your health
Most of the United States switches between Standard and Daylight Saving Time (DST) each year in an effort to “save” natural light. The clocks will be set back one hour on Sunday, November 6, when the summer term ends. While you may be happy to have an extra hour in the day, daylight saving time can wreak havoc on your physical and cognitive health for days, weeks, or even months.
The disruption to daylight saving time can negatively affect your health. Your internal clock regulates critical processes, including liver function and the immune system. Disruption of the circadian rhythm, your body’s 24-hour biological cycle that regulates wakefulness and sleep, can also impair your focus and judgment. For example, a study published in Current Biology found that fatal traffic accidents in the United States increased by 6% during the week following daylight savings time. Fortunately, there are ways to increase your odds of a smooth summer transition.
While you may be tempted to use the extra hour to engage in various activities, health experts recommend using that time for sleep. To ease the transition to daylight saving time, consider going to bed 15-20 minutes earlier the days before to help your body adjust to the difference. If you have particular health problems, talk to your doctor.
November is American Diabetes Month
According to the Centers for Disease Control and Prevention, more than 37 million American adults have diabetes, and 1 in 5 don’t even know they have it. Although type 1 diabetes cannot be prevented, you can take the following steps to prevent type 2 diabetes:
- Eat a balanced diet. Consume plenty of fiber and whole grains and understand how the foods you eat affect your blood sugar levels.
- Keep being active. Aim for at least 30 minutes of exercise daily. Incorporate both aerobic exercise and strength training.
- Maintain a healthy weight. If you are overweight, weight control can be an important part of diabetes prevention.
Over the past 20 years, the number of adults diagnosed with diabetes has more than doubled. Take control now during American Diabetes Month and get your blood sugar levels tested by your doctor.
Check out last month’s edition of Live Well Work Well – October 2022.
All of us here at CoverLink Wishing you continued health and safety this year!