money·6 min read

Skimm Money: Recession Alarms, Gas Tax Holidays, and Living Paycheck to Paycheck

A woman considering options at a grocery store.
Design: theSkimm | Photo: iStock
Jun 10, 2022

Leave the financial planning to the men? I don’t think so. According to a recent survey, women are reportedly closing the financial confidence gap with 55% feeling ‘super’ about their money management abilities (up from 48% two years ago) vs. 60% of men (down slightly from 61%). Overspending isn't on the agenda for hot girl summer.

Headlines, Skimm'd

News to Wallet

Design: theSkimm | Data source: BLS, Reuters, Stats SA, CNBC, ONS

Inflation is high in the US (see above). But it’s not just here. Because global economy. Causes abroad are similar to those in the US: Russia’s war in Ukraine, supply chain disruptions, and climate change, to name a few. Here’s what the inflation situation is in…

  • India: Inflation is well above the target rate of 4% (psst…the US aims for 2%). In rural areas where poverty rates are already high, increasing food costs are especially problematic.

  • South Africa:The South African Reserve Bank aims for inflation between 3% and 6%. In April, it sat near that upper limit for the third time in five months. And is on pace to rise to 8% this year.

  • United Kingdom:The latest inflation rate is at a 40-year high. And causing some fish and chip shops to close because of higher flour, cooking oil, and fish costs.

Your move? Wherever you live, prep for inflation to stick around. And learn more about how it’s impacting the rest of the world, too.

Make Good (Money) Choices

Design: theSkimm | Photo: iStock

If you’re always counting down to your next paycheck…

Create a monthly budget. Because making more money doesn’t always = financial success. A recent study found that about one in three Americans who earn over $250,000 a year report living paycheck-to-paycheck. (Spoiler: They’re not all struggling. Some can pay their bills easily, while others can’t.) If you're stretching your dollars between paydays, tracking your spending could be key to breaking that cycle. Whether you need every cent to keep up with bills or want to make sure you’re saving enough for retirement, creating a monthly budget can help you keep your spending in check and hit your money goals. Use this template to get started.

Crypto, Decoded

Crypto scammers have stolen more than $1 billion since the start of 2021, according to the Federal Trade Commission. That’s about one of every four dollars reported lost to fraud. And crypto hacks are on the rise. Last week, a hacker attacked the Discord server for the Bored Ape Yacht Club and made off with 200 ether (or $360,000) worth of the non-fungible apes. And the NFT sales platform OpenSea is facing backlash for security vulnerabilities. Wanna keep your NFTs and coins safe? We Skimm’d how to store, save, and spend your crypto safely

Thing to Know 

Gas Tax Holiday

No PTO required. Gas prices are straining Americans’ budgets. (Hint: The average price is currently around $5 per gallon.) So four states — Connecticut, Georgia, Florida, and New York — are saying ‘take a break’ by temporarily suspending gas taxes. Which can add up, but don’t expect it to pay for your next Sephora haul. (Psst…the average state gas tax is about 30 cents per gallon.) Even if your state isn’t saying ‘take a tax vacay,’ you can still save. Shop around with gas apps to find the best price and budget for higher prices. Skimm more about gas tax holidays and other ways to save.

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