The wait-and-see approach works for some money strategies, like your retirement investments. But other times, not doing anything is a real financial bust! Learn what money moves to make ASAP.
Create an emergency fund
Could you afford a significant, unexpected event like a hospital stay, a major car repair or unemployment? If not, you might want to start saving for that potential rainy day. Establish an automatic, recurring transfer from your checking to savings with the goal of saving the equivalent of three to six months of living expenses. An emergency fund of this size can help prevent the need for taking out a loan when you go through hard times.
Check your credit report
Have you checked your credit report recently? By viewing your report, you can confirm that all the information that the credit bureaus have on you is accurate. Inaccurate credit reports can result in a lower credit score and potential disqualification from loan applications. You can instantly get one free credit report per year from each of the three major credit bureaus by visiting annualcreditreport.com.
Rebalance your portfolio
Are your investments on track? Rebalancing your portfolio annually helps ensure your investment portfolio has an appropriate mix of investments for you. A financial advisor can review all of your investment accounts – IRAs, workplace retirement plans, investment accounts and college savings plans. Together you can make a plan to rebalance your investment mix so it matches up with your goals, timeline and risk tolerance.
Re-evaluate your fixed expenses
When an expense is automatically deducted from your account, it’s easy to forget how much money you’re actually spending. But whether it’s your internet, gym, car insurance or cellphone bill, there may be cheaper alternatives out there. Shop around and see what competitors are currently offering. Then, try speaking with your current providers to see if you can avoid the hassle of switching and simply lower your current payment. You may be surprised by how many are willing to offer a better deal when you mention the possibility of leaving.
Set financial goals
Not setting a financial goal is like driving with no destination. You might get there eventually, but it’s much quicker to set a straight path from A to B. By establishing a few financial goals today, you’ll set up a financial future you’ll be happy with and you’ll get there quicker. Be as specific as you can, such as having a monetary amount for the goal, a date you’ll reach it and a method for how you’ll save enough money.
Need Further Assistance?
Looking for more financial moves you can make? Have questions on anything mentioned previously?
Please contact your Seaside Client Advisor and get started today.
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