Guns and 32 Other Things You Definitely Do NOT Need To Buy During the Coronavirus Pandemic Investing in a financial coach can pay off in less stress, and hopefully even more money.”įeeling Overwhelmed With Debt? Here Are 14 Ways To Improve Your Financial FutureĪre You Spending More Than the Average American on 25 Everyday Items?Ħ0 Money Moves That Could Set You Up for Life “You don’t necessarily have the time to learn all there is to know about finances it’s hard to critique or even see your own financial mistakes and it helps to have someone keep you on track toward the goals you create for yourself. “Even the best of the best know that they need someone to give them wisdom, observe and change their behaviors and hold them accountable,” said Jeremy Keil, CFP, CFA, a retirement-focused financial planner with Keil Financial Partners and host of the Retirement Revealed blog and podcast. Mental health expert online therapy, colleagues work on common project use videoconferencing app concept 8. Indian girl communicate with friend on-line by video call, pc screen view over female shoulder. The primary value of the emergency fund is not earning interest, it is helping you sleep better knowing you have a safety net and helping you avoid high-interest debt, like personal loans or credit cards, when the unexpected occurs.” Use a separate savings account at your bank or look into a money market account, but don’t worry too much about funding the highest yield right now. Starting an emergency fund can help you be prepared for unplanned expenses or loss of income that would otherwise have thrown a wrench in your financial plan. “If 2020 has taught us anything, it is to expect the unexpected. ![]() “Keeping money set aside in a bank account may not be the most exciting thing you can do, but it is one of the most important,” said Matt Hylland, financial planner at Arnold and Mote Wealth Management. If you’re not going with Hampel’s advice of paying down debt but still want to do something useful like Foguth advised, an emergency fund could be the right way to go. Withdrawing money from outdoor bank ATM 1. Read on to learn about eight other savvy maneuvers financial experts recommend to get the biggest bang out of $1,000. Money experts will also likely urge you to put the $1,000 toward paying down debt to “prevent those high-interest payments from cascading out of control,” said Daniel Hampel, director of operations at PARCO.īut paying off debt isn’t the only intelligent move you can make should you find yourself graced with a spare grand. “This $1,000 can be used in a variety of ways to help you attain your financial goals.” “If you find yourself with an extra $1,000, don’t consider it ‘extra’ and be frivolous with it,” said Michael Foguth, founder of Foguth Financial Group. ![]() What would be the best way to put that amount of money to good use?įinancial experts will surely advise you to not treat this “excess” cash as an excuse to go spend. Not enough to say, buy a house or pay for college, but enough to make an immediate difference - like $1,000. But let’s suppose you do come into some extra cash. With the economy still scorched by the pandemic and lower-income groups feeling the brunt of the burn, the prospect of having money to spare could sound like something out of a fairytale.
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