Make sure you consider these strategies to keep your financial goals and objectives on track:
- Keep an emergency fund equal to three to six months of living expenses to use in case of financial emergencies, such as losing your job or a temporary disability.
- Track expenses to find out where your money goes. Look for ways to decrease your expenses, and apply the savings to your financial goals.
- Diversify your investment portfolio as a hedge against market volatility.
- Use cash or cash equivalents for short-term goals, emergencies, or to diversify your portfolio. Money you're not planning to use for years should be invested in longer-term alternatives.
- Pay off debt, especially expensive credit card debt. Keep credit cards paid off or consider consolidating payments on a lower-interest card.
- Review overall insurance needs to ensure you don't carry more than you need in one area and not enough in another.
- Pay yourself first by automatically depositing money in your investment accounts and emergency fund.
- Take advantage of individual retirement accounts (IRAs), 401(k) plans, or other retirement, savings, or investment plans.
Call if you would like to discuss these and other measures you can take to help keep your financial goals and objectives on track.