As 2024 looms, economist Dana Peterson encourages people to focus on smarter budgeting, cutting down debt, and saving up. Peterson, speaking at CNBC’s Your Money event, emphasized this approach in anticipation of a potential recession in early 2024.
- Smarter Budgeting
Peterson suggests reviewing your weekly spending to find areas to save. This could mean opting for less expensive, store-brand products or changing your entertainment habits, like enjoying movies at home rather than hitting the theaters.
Peterson notes that although inflation has slowed since its peak in 2022, it’s still a significant factor impacting budgets, with many items remaining costly.
