Feeling market madness? Try saving
Frustrated by your financial planner's pooh-poohing your plan to yank money out of the erratic stock market in favor of the gold or mattress approach? Here's a different action that can add to both your sense of control and financial well-being: Bolster your emergency savings fund.
A National Foundation for Credit Counseling survey found 30 percent of 1,010 respondents didn't have any non-retirement savings. They're living on the edge, "just one flat tire away from financial disaster," says Gail Cunningham, spokeswoman.
Steps to take:
Automate. Set up a dedicated savings account, apart from your day-to-day accounts, with automatic deposits to be made from each paycheck, even if it's a small amount, says Carolyn McCormack, assistant vice president of Safeguard Credit Counseling Services in Hauppauge. The point is to get started and steadily increase by painless amounts what you're stashing away.
Make it hard to get. Keep the account free from connections to a debit card or transfer features. "Cut down on accessibility," says McCormack, to minimize the likelihood of tapping the account for nonemergencies.
Define emergencies. "Everybody's are different," she says. Stumbling across a shoe sale does not equate to an emergency. Think, instead, of a leaking roof, medical attention, or car repair so you can still get to work.
Act. Don't use today's unsettled times "as an excuse for not starting some good habits," says McCormack. "Focus on what you can do and you'll feel a little more in control." Also see Debt Advice.org "consumer tips" for more savings strategies.
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