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CHICAGO (NewsNation Now) — According to “Morning in America” money guru Matt Sapaula, despite government stimulus checks that briefly knocked down consumer debt, the savings rate is now down and consumer spending is up, indicating trouble on the horizon as inflation drives the cost of everyday items up.

Sapaula said 54% of people are still living paycheck to paycheck, and 1 in 10 people making $100,000 per year or more are doing the same.

Any sort of household emergency, such as a refrigerator failing or a water pipe breaking, could push household budgets to the brink. Something more serious, like a health care emergency, could lead many households to bankruptcy.

Sapaula recommended adding a critical illness rider to your health insurance policy that will keep the bills paid if you suffer a heart attack or any other health emergency. This will provide a backstop that will protect you and your family in case of the unexpected.

Another thing that’s getting more expensive is home insurance. Here, Sapaula recommends shopping around for the best rate. Contact multiple carriers to see which one offers the best coverage at the best rate, and explore bundling policies to save the most. Consider increasing your deductible, although that will leave you with a bigger bill to pay up front should you have a claim.

A third idea is starting a home-based business. If you run a business from your home, the expense of home insurance, or at least part of it, will be tax-deductible as a business expense. Definitely consult with a tax professional on this part of your plan.

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