An expert answers: How much money do you need this year?

Do you have an extra $12,000? It's how much more experts say you are spending, on average this year, compared to two years ago.

PennyWise host Teri Barr is talking with Elizabeth Renter, a Personal Finance Data Analyst with NerdWallet, to learn more about the specific categories where you've had to spend a lot more money in 2022.

Elizabeth also shares what this means related to a recession, and what you can do about it.

More from Elizabeth on NerdWallet:

• First-Time Home Buyer Metro Affordability Report – Q2 2022
• Got an Extra $11,500? You’ll Need It to Keep Up With 2022 Prices
• U.S. Drivers’ Gas Spending Soars Toward $562 Billion in 2022

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PennyWise is a show about money, personal finance, investing and travel. The program features a variety of financial experts who can help save you money.