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That's why experts believe now is a good time to take a look at your price range before the new year.
Donna Sowa Allard, from Sowa's tax group, tells 12 News that there are some methods people can prepare.
the main thing, she said, is evaluating your funds.
“Make sure your spending is in line with your funds and that what you are actually doing is essential,” she said.
For those looking to reduce spending, Allard advised canceling subscriptions or subscriptions you don't always use.
Allard said everyone should still create and preserve an emergency fund.
When identifying how much money to keep in your emergency fund, Allard noted that it's more reliable to rely on your fees rather than income.
“I can ask for six months of your prices, no longer your income, but your expenses,” she said. “That way, as we are potentially heading into a recession, if you find yourself out of work or have reduced hours, you will have some money to save.”
Allard mentioned now is also an excellent time to evaluate your investments and reevaluate if necessary.
“Do you still have the appropriate volume of possibilities for your financing portfolio? …and based on the performance of the investment over the last year, has it changed in any way?” Allard noted. “Rebalance if it has changed.”
