If you’re in debt, you might be wondering: Should I pay off my debt first before saving and investing? Or, is ok to save and invest while I still have debt payments to make? There is no one right answer. Being debt free and saving money are both important goals. But both compete for your financial resources. To make the choice that’s best for you, you’ll need to look at your own financial condition and prioritize your goals. Here are some things to consider to help you make a plan.
The economic effect of the novel coronavirus pandemic illustrates how important it is to have an emergency fund. Just a few months ago, jobless claims and the unemployment rate in the United States were at record lows. The stock market had record highs. The economy looked fantastic! Then, overnight, everything changed. Businesses were forced to close. New jobless claims soared, and the unemployment rate spiked. Those still employed suddenly face a new level of uncertainty. But you can be prepared. And the best way is to have an emergency fund.
Losing a job causes financial hardship and stress. It’s scary. And when the country is going through tough economic times, there is a lot of uncertainty surrounding job opportunities. If you lose your job, here are six steps you can take to get through it smoothly.
How much thought and planning have you put towards retirement? How much are you saving for it? Saving for retirement may not seem like a priority when you have more urgent needs—especially if it seems like every dollar of your paycheck is spent before you even receive it. When facing your current financial expenses saving for retirement years or even decades away may not seem like a priority. But if you don’t have the money now while you’re working, what are you going to do when you are older and are no longer able to work? After all, when you’re in retirement, you’ll still have financial obligations. You need to start planning and saving for retirement now! And here are three reasons why.
The rapidly increasing cost of higher education and the amount of student loan debt graduates are taking on to pay for it are both astounding. And if you’re a parent who wants to help your child get a good start in life, they can be very concerning. In the broadest sense, we all know what we need to do to prepare: start saving. But what is the best way to save for your child’s education? And how should that savings be invested?
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