Homepage / Las Vegas News
E-Mail News Alerts
Get breaking news and daily headlines.
Browse all e-mail newsletters
Related To Story
Saving Money

Expert Explains How To Save Money

Financial Experts Say ReGroup During Recession

POSTED: 3:40 pm PDT March 11, 2008
UPDATED: 10:57 pm PDT March 11, 2008

Gas prices are high, the unemployment rate is up, and casino profits are down.

Some experts say all signs point to a recession.

The price of oil is a driving force behind our economy, and when prices sour, everything else suffers.

But there are a few things that can be done to save money in the meantime.

The price of crude oil hit an all-time high Tuesday, reaching $109 a barrel.

“When gas prices keep going up and up, it affects the entire economy," said Sen. Harry Reid, D-Nev.

The U.S. economy has had its share of trouble in recent months.

Foreclosures are on the rise, the job market is falling, and the stock market has been on a roller-coaster ride.

Financial experts say don't worry -- regroup.

"There is nothing you can do in the middle of a recession. You just have to ride it out," said John Daly of BNY Mellon Wealth Management of Henderson. "If you can write down everything you spend in a week and take a look at it, then you can see what you can cut out."

With real estate, Daly suggests taking advantage of low interest rates by switching any adjustable rate mortgages to fixed.

As for other investments, he suggests to hold on to stocks.

“It's the worst time to sell because it's the bottom. You are at the bottom of the market," Daly said.

Keep in mind, help may be on the way. The economic stimulus bill passed, which means a rebate check could be in the mail in May.

Another suggestion is to try to combine errands to make fewer trips to cut down on gas consumption.


Sponsored Links

Desktop Weather 24/7

Stay close to Fox5 Local Las Vegas for news and weather information everyday at work or at home. Download your NEW FOX5 Desktop Weather 24/7,FREE from FOX5 Vegas! More


Links We Like
Sponsored Content
There is no absolute number of drinks per day that defines alcoholism. Learn the behavior and body reactions that constitute alcoholism. More

If you’re starting to feel like your home needs a little warmth, try these helpful hints to make your living space just a little more cozy. More

With the economy in trouble, everyone is looking for ways to save money. Find out how you can do just that without sacrificing your current lifestyle. More

The signs of Cancer can sometimes be very subtle. Here's a guide to help you recognize them early. More

Don’t be left out. Make the switch to Digital TV.

Low Interest Credit Cards

Low Interest Rate Credit Cards
And not just because plastic outweighs paper. Low interest credit cards offer lower APRs, which means more of your money stays in your wallet. More Details!