What 2017 means for your money

A quick look at the current financial outlook of the new year

Job market

The job market is looking better than ever. 2016 ended with a record number of job openings, and layoffs are at record lows. The outlook is that it is only going to get better moving into the new year.

Interest rates

The Fed just raised rates for a second time in a decade, but have plans to raise rates three more times this year alone. This will likely lead to higher rates for credit cards, home equity loans, and adjustable-rate mortgages. Remember that the Fed wanted to raise rates four times in 2016, so their predicted three is just that, a prediction.

Gas prices

The price of gas has risen the last couple of months, averaging at $2.115 a gallon for the nation. Recently OPEC has agreed to cut oil production to restore stability. Though experts don’t expect the national average to rise more than $2.75 a gallon for the duration of 2017.

Taxes

There is potential for some huge changes to our tax system under President Elect Donald Trump. He plans to simplify the tax system and lower the burdens on the middle class. Dropping down the number of tax brackets from seven to three, with the ability to deduct childcare and eldercare expenses from their taxes. However, these won’t be in effect until next year if implemented.

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