Preparing For the Unexpected
With the longest government shutdown in U.S. history
currently under way and millions of Americans being impacted in one way or another, now is a great time to do a quick financial health check. By doing this, it may help you better prepare for those unforeseen emergencies.
Track your Expenses Now
Write down all of your monthly expenses to figure out what you are spending on and how much you are spending each month. This will help you understand where your money is going and any areas you may be able to cut back on.
What can you cut in the future? Make a list of key expenses
and another of expenses that are more discretionary. Your
discretionary expenses are those you can cut back on or eliminate in times of emergency.
Auto pay for bills is a great service to make sure that we
always pay on time. However it is easy to forget what is currently on auto pay. Check your auto pay for any old subscriptions you no longer use but are still paying for.
The Risks of Tapping Into Retirement
Using your retirement accounts in times of emergency should be considered a last resort. However it can be useful resource in times of dire need. Before accessing
any retirement funds you should know all of the ramifications of doing so: Taxes being assessed, early distribution.
The opinions voiced in this material are
for general information only, and are not
intended to provide specific advice or
recommendations for any individual.
CORNERSTONE WEALTH MANAGEMENT
486 NW 2nd Ave.
Canby, OR 97013
Matt Stutes, CFP®
Securities and advisory
services offered through
LPL Financial, a registered