This article was originally printed in a USAA Magazine and was written by Scott Halliwell, CFP, in the Spring 2011 Issue.A� As a USAA Member, I get this magazine as part of my membership.A� I like this article and thought you would enjoy it.A� It’s simple and a great reminder that based on the current economy, we need to take control of our economic future within our households!
Ready to take control of your economic future?
Scott Halliwell is a CERTIFIED FINANCIAL PLANNERa�? practitioner with USAA and an
advisor on debt reduction, investing and saving for retirement.A� Here are some of his tips.
- Focus on the basics. There was a lot of press coverage in 2010
about Americans going back to basics by paying off debt and increasing
savings.A� I personally think this strategy is great for 2011 as well.A� Even
if your personal situation begins to look more stable this year, keep up the
frugality. - cipla pharmaceuticals india ranbaxy Expect the unexpected. Prepare for a
possible job loss by tightening up your budget now. A�Then start directing any excess money into a
large cash reserve.A� I always recommend maintaining cash reserves equal to three to six months of committed expensesa��even when jobs are stable. - Dona��t sink further into debt. If you were
one of the unfortunate millions of people to lose your job during the
recession, dona��t keep living like you didna��t.
I know cutting back hurts, but running up debt to sustain a lifestyle
you can no longer afford will only make things worse. - Reconsider homeownership. Over the short term,
homeownership may not be all that it was once cracked up to be.A� With experts predicting home prices will fall
further in 2011 or, at best, stay flat for the foreseeable future, it really is
worth it to second-guess the home-buying decision. purchase astelin side - Cana��t sell your home? Consider adding two
new titles to your life:A� landlord and
renter.A� This approach can allow you to
postpone selling until the market recovers in your area. - Keep cash safe. The deterioration of interest rates on safe
places for casha��savings accounts, money markets and CDsa��has led many savers to
invest in riskier options.A� For cash
reserve funds, this is usually a very bad idea.
Remember, these arena��t your a�?get richa�? funds; theya��re your a�?stay richa�?
funds.A� Avoid the temptation to get
greedy and put them in harma��s way.
Certified Financial Planner Board of Standards, Inc. owns the certification marks CFPA� and CERTIFIED FINANCIAL PLANNERa�? in the
U.S., which it awards to individuals who successfully complete CFP Boarda��s initial and ongoing certification requirements.
The views and opinions expressed in this article are solely those of the individuals and do not reflect the opinions of USAA and
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