Pattie Lovett-Reid: 5 winning financial strategies for holiday spending
With the holiday season underway, you need to protect and grow your money more than ever. Here are five winning financial strategies as your personal spending ramps up.
1. It’s been a while since I suggested you needed to protect your money against inflation; however, as signs of inflation present themselves, you can’t afford to have your money sitting in a savings account. You will actually lose money. It is time to ensure you have some exposure to the equity market and ensure your portfolio has a representation of both quality stocks and bonds.
2. Check your credit report to ensure there has been no misrepresentation or accounts opened that could expose you to fraudulent activity that you might not previously been aware of.
3. Establish your net worth statement as you head towards the end of the year. List down everything that you owe and everything that you own. In a snap shot, you can quickly identify areas that require attention and help build your net worth. Pay off expensive debt, look for opportunities to defer taxes, or simply save more money.
4. Given the number of layoffs experienced in 2018, the importance of an emergency fund has grown in importance. Emergencies happen when you least expect it – you lose your job, the roof will leak, the car will break down, and list goes on.
5. Shop and compare for better savings rates, better borrowing rates, better insurance rates and even better credit card rates.
Small changes can lead to big gains, and if the was ever a time to take control of your financial situation, it’s now. There are simply too many variables and wildcards out there to sit back and be taken along for the ride.