With inflation reaching record levels and many families stretching their dollars as far as possible, how are people navigating the rising prices of everyday essentials such as gas and groceries?
NPR correspondent Chris Arnold told Sue O'Connell on Greater Boston that although times are tough, there is no need to panic about a potential recession.
"There's a very good chance that even if we do technically slip into recession, it wouldn't be that bad," he said.
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Arnold said unless you plan to retire very soon, there's no need to make any big moves when it comes to investments and savings. Instead, just "ride the rollercoaster."
"I think now is sort of a good time to get the lay of the land and, you know, do a little housekeeping in a way," Arnold said. That "housekeeping" could include setting up a savings account for your child's college expenses or creating an emergency fund using automatic payments from each paycheck.
Arnold added that it is a great time to pick up a second job, if it's feasible for you.
Overall, the situation isn't too dire, Arnold said. The unemployment rate is very low, and some people still have money saved from the early days of pandemic lockdown.
For those looking for a financial advisor, Arnold recommended getting a "fee only" advisor instead of a "fee based" advisor.
Watch: How to get financially ready for another possible recession
