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How to survive the economic crisis unleashed by Russia’s invasion of Ukraine | Univision 41 New York WXTV

As if the financial problems that the covid-19 pandemic unleashed were not enough, now New York (and the world) has begun to feel the economic effects of the war between Russia and Ukraine, so many are wondering how they can survive this new economic crisis.

The first signs that the economy is not improving are derived from gasoline prices, which this Friday exceeded 4 dollars in New Jersey and New York. If gasoline goes up, the costs of electricity, the supply chain, food go up… In short!

Inflation is already rising at its fastest annual rate in 40 years. But, so you don’t panic, we share these tips from economists.

Tips for surviving the economic crisis

Planning. They say that a forewarned person is worth two and, in terms of economy, it could not be more true. That is why, now more than ever, it is important to make a budget and see in which parts of it you can reduce expenses. To help us with the budget, there are special applications, which help analyze where you are spending more and where you can save.

Reduce services. Mark Hamrick, a senior economic analyst at Bankrate, suggests cutting back on eating out, streaming services, and planning when you’re driving out to do all the errands at once.

Another point where you can save is on the services you use: When was the last time you looked at your mobile phone plan, cable service, music? Could you have less expensive auto or home insurance? You may not need everything you’re paying for.

Technology support. Use apps and the internet to find lower prices. You’ll find you can compare prices on just about anything you need. This gives you the opportunity to choose the cheapest, even before leaving home.

Be careful with electrical energy. For that, analyze your home well and look for and seal any energy leaks that may exist: in the doors, windows, ducts… And, if your HVAC system is more than 10 years old, consider replacing it with certified equipment.

You can also consider HVAC equipment, with newer, more energy-efficient heating and cooling options like air-source heat pumps and ground-source heat pumps. These new technologies help to significantly reduce electrical energy consumption.

Buy less. Before going shopping, check your closet, your pantry… and ask yourself if you really need something new. And, if you like shopping online, before you click the button for an online purchase, ask yourself that same question. Sometimes thinking twice before buying results in double savings.

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