Financial markets They are unstable Consumers’ confidence is at very low level in the last five years, while economists point to In high risk of recession. All of this add Many people are financial uncertainty. Half of the US adults claim that President Trump’s business policies will significantly increase prices.
Approximately half of Americans They are “very” or “very much” For the possibility of entering the US economy in the coming months. Matt Watson, CEO of Riggin’s CEO of Financial Planning Use, said it was uncertain to everyone, including experts.
“No one has a glass ball. No one has dedicated themselves professionally and even has done it very success for many years. I don’t know what is going to happen,” he says. If you are concerned How the economic uncertainty will affect youHere are some recommendations of the experts:
Balance your funds
The first step is to prepare for financial uncertainty To know your starting point, Watson says. Check out the costs of your budget or your debit or credit card to find out how much you spend every month.
“Balance your situation in different categories,” says Watson. Exploring the status of your savings and investments will give you an idea Your general financial health.
Find what can be organized
The most essential costs can be suspended and you can save for an emergency. “In fact, the option Then cut or organize, So it is easy to organize and have a mattress, ”says Watson.
If it is difficult to find out where to cut, the director of the financial planning company, Private Vista, Jim Weil, Recommends dividing costs into three categories: Needs, desires and longing. Desires are high costs such as an important holiday.
For now, Cut the costs of the desire section As long as he feels it The fund is in good condition.
Take care of your mental health
In news about the loss of fees and jobs, it is possible Realize how your anxiety increases. Therefore, it is important to protect his mental health when he takes care of his funds, says Curtney Allev, guardian of the Credit Karma consumers. Sometimes, reading a number of messages that can affect your funds can become huge and create more stress than you need.
“Being in an informed position is a good practice, but Do not let the news cycle consume“Alev said. If you find too much stress or tension in your fund, it is better to contact a specialist who can help you as a financial therapist.
If you are looking for regular mental services, most medical insurance protection Some sort of mental health. If you do not have medical insurance, you can search for therapies with reduced prices across the country.
Provide what you can control
Instead of worrying more about the economy around the country, Alev recommends it Focuses on the aspects of your personal life You can control to feel safe if there is a recession.
Alev says, “Identify the changes that need to have a security network that gives you confidence,” says Alev. In things you can control Expansion of a budgetCreating emergency funds and reducing unnecessary costs.
Create Emergency Fund
Worries Your job security It is best to recognize and re -evaluate your budget, just like the prices of more products Create Emergency Fund. Emergency funds may seem impossible to achieve if the fund is already difficult, but even a small amount of money will make a difference.
Ideally, the emergency fund will include three to six months of costs. Wail recommends to begin to think about any special determination that may occur in the next one or two years, ie University registration or an action. If you plan to accept an important financial commitment in the future, the sun recommends you to expect more emergency funds.
AdvertisementCreate monthly financial reviews
Alev recommends to adjust the budget regularly Do not withdraw from financial purposes. Monthly budget reviews can help identify more when they are spent on higher accounting or changing their needs.
“A budget is just as good as it is Help you make decisionsSo don’t be afraid to renew it and turn it into months, ”says Alev.
Choose what kind of credit address first
Many people are fighting for debtsAlthough credit cards or student loans, It controls the ability to save. If you want to create an emergency fund when facing your debts, you need to install preferences.
“I will consider the different kinds of debt differently,” says Weil, more says Classify the debts into three categories: Short, medium and long period of time.
AdvertisementSuggests to give the sun Priority to pay off loans with high interestLike credit cards. If you make additional allowances or exceed the minimum payment, you can pay them quickly. Long -term loans, such as the student loans and mortgage, may face very moderate allowances when focusing on emergency funds.
If you have credit card loans and He failed to progress more than his feeAlev recommends trying to eliminate or reduce the amount of debt you are using.
It doesn’t panic with investments
Although the bag had some difficult days, It is better not to act with anxiety Before market behavior. If you have investments, especially Pension toolsIt is desirable not to make emergency decisions, says Alev.
“It is good not to take panic. This is dissatisfied, but often you may have time to recover, “he added.
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