2022-11-25 11:00:34

Should You Boost Your Savings Before 2022 Ends -- or Put More Money Into Your Brokerage Account?

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Nasdaq
By The Motley Fool

Image source: Getty Images

Inflation has been surging over the past year and change, and so right now, many consumers are overwhelmingly cash-strapped. But what if you're in a different boat? Maybe you do a good job of budgeting and limiting your spending so you have money left over at the end of month.

If you're sitting on extra cash, you may be wondering where to put it in the coming weeks. You may be tempted to stick it into your savings, but you may also be contemplating investing it. The question is: What's the right call?

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The upside of funding your savings

For months on end, financial experts have been sounding warnings that a recession is likely to strike in 2023. The Federal Reserve has been aggressively hiking up interest rates in an effort to slow the pace of inflation. In doing so, it could lead to a huge pullback in consumer spending that fuels a recession and drives a major uptick in unemployment levels.

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