Recession and your money

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Yes, we probably are in a recession but who cares if we call it a recession or not?  What is important is that we bring out the old budget spreadsheet and plan for opportunities as we come out of this period in a few months.

Don't panic sell or buy.  Don't follow the herd to do anything during this period as it is completely unsettled.   Gas prices may go back up.  That motor home you bought during COVID, may be time to dump if you don't use it before everyone else sells theirs.

Don't overpay for a used car now.  Wait until prices drop and they will drop drastically as the supply chain improves and it will.  Buy that house you have been looking at for the excellent price you have negotiated.  The value may fall in a few months but over time it will recover.  

The point is not to overreact.  Plan your spending and don't buy what you don't need now.  Be in a great position to take advantage of the post-recession period when people are dumping their goods and prices drop.