A & M Plumbing, LLC
Friday, November 17, 2017

Is Your Money Getting Motion Sick?

The motion created by the deep dips and even steeper climbs of the stock market are enough to make you re-think your investment strategies. Trying to react to every market move could prove a bad choice, especially if you are near retirement.

When you are younger, it is fine, even advisable, to have an aggressive investment allocation with more money in stocks. But as you near retirement, the more conservative your portfolio should be, including more bonds and/or other interest/dividend bearing investments.

Know Your Risk Tolerance
You need to know your own risk tolerance. To determine this, ask yourself how much of your portfolio could you stand to lose.

No one knows the future, and even the best analysts can be wrong, but your best bet is finding an advisor you trust and setting goals at your comfort level.

Check Your Checks

File a police report if you’ve lost a checkbook. If not, you could be held legally responsible for the payments.

One bounced check can follow you. Bouncing a check can get your name added to a bad-check database, meaning that retailers and financial institutions can refuse to do business with you.

Double-check when you are making a deposit via ATM or smartphone. If a check is read incorrectly, you’ll need to go to the bank to sort it out in person.

The Plastic Meltdown

Credit cards are quick and easy – but if you want to avoid a personal financial crisis, cut the cards and do your best to get out of debt.

What Should You Do?
  • Pay bills on time. Pay more than the minimum due, and never miss a payment.
  • Make a list of purchases. By writing down expenditures, you will be able to see just why it is you’re in debt and where your budget could use a little tightening.
  • Seek help from lenders. If debt has indeed become overwhelming, contact lenders to see if they will consider lowering their interest rates as you try to get back on track.

Four Tips to Save Money Each Week

  • Enroll in a retirement savings program. This is an ideal way to save money, because programs such as a 401(k) remove money from paychecks before taxes. In addition, many employers match 401(k) contributions up to a certain level, meaning you get “free” money you’d otherwise skip.
  • Cook and prepare your own meals. Instead of buying a muffin or bagel each morning on the go, buy them in bulk at the grocery store and spare the few minutes of preparation for a lot of savings in the long run. Also, make your lunch at home and take it with you.
  • Avoid hidden fees. If your credit card or bank accounts have minimum balance requirements, know what the minimum is and keep enough in the account to avoid the charges.
  • Use only ATMs from your actual bank. Are you paying double the fees to access your own money? Stop now.
 

Money-Saving Tips