IRELAND: Finance guru Eddie Hobbs says Ireland will go into recession by AUTUMN - and working people will be hit hardest

Irish economist Eddie Hobbs has predicted that the recession will hit the autumn of 2022. Ireland will go into recession in the autumn - and that working people will be hit hardest by the recession, says economic guru Eddie Hobbs.

The cost of living will continue to rise and mortgage interest rates will rise in July. Hobbs says there are every indication that there will be a financial crisis in Ireland this year.

“With the onset of autumn we will be in recession, but of course with winter. All signs are here. Now we are in a whirlpool, on the path to recession. We are looking at the contraction of the economy, job losses and business closures. This is a King Firestorm.- Hobbs said in an interview:

He added: “The next financial crisis is before us, except this time, in the guise of the cost of living. It will pay the price as working people become poorer. But people need to be prepared for months or maybe years

How do you manage your money before the recession?

Europe strongly believes in the 50-30-20 budget law, the budget concept based on the percentage that emerged in the late 90s. This is a very popular budgeting style that is very simple, flexible and can be applied at any stage of life. It is percentage based and can be fully adapted to your own circumstances.

50-30-20 Budget law advises how to spend 50% of your income on "needs" that are defined as the expenses you need to live on, such as your house, food, electricity, and loan repayments.

30% is spent on discriminatory items, so everything we enjoy, however, we could do if we wanted to. This category includes things like entertainment and social entertainment.

20% will go to your financial goals, depending on what you prioritize for yourself and your life. It eliminates debt or something special, saves on unexpected expenses or in the long run. Prioritize repayment of high interest rate loans

Which debts should be paid first?

If you are wondering which loans to pay off first, the answer is simple - which is the higher interest rate. Some people prefer the "biggest" to the "most expensive" of their loans, which can turn out to be a mistake.

Since all things being equal, the more expensive debt must be repaid before the lower cost debt, so the running order usually goes the following way: credit card, personal / student loan, car loan, and finally mortgage, which is obviously the most expensive because it has the lowest rates.

So, keep the lowest repayment on all your lower-rate debts, such as your mortgage, and set aside the maximum amount for higher-rate debts, such as your credit card, until it is cleared. Debt on your list until the debt is finally cleared.

Schedule and manage your expenses in order of priority. It is important to review all expenses in detail and rank them accordingly

• Avoid non-essential items.
• Can you reduce or eliminate any of your current expenses?
• Are you getting the best rates possible on utility, insurance and mortgage costs? If unsure, seek advice.
• Are subscriptions or memberships that you do not use likely to be canceled?
• Do you do everything possible at home to save energy costs, such as turning off lights and appliances when you do not need them?
• Can you buy some of your groceries in bulk or at a discount supermarket to reduce costs?
• Can you cook more food at home to save on being taken out and eaten?

It will make a lot of small changes in your spending and make a big difference in your overall outgoing, which will go a long way in reducing financial stress. Despite the period of constant fluctuations caused by the global financial crisis, a medical pandemic, or recession, the basic principles of cost reduction are still in place.

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