Grab hold of the things you can control and prepare the best you can for the things you can’t. You’ll find you may sleep better knowing you have economic security.
- Cash Flow: Keep an eye on the money coming in and going out of your household by tracking expenses. The basics of watching your cash flow can be the dam that keeps the rush of spending in place and pool the funds you need for financial planning.
- Estate Planning: Draft or update your will. Then make copies. It sounds obvious, but don’t forget to put all documents in a safe place and provide copies to your executor or trustee.
- Insurance: Make sure you have adequate insurance coverage for life, disability, long term care and health. If you have children that depend on you financially you need life insurance to cover lost income if something should happen to you. Generally, term life is your best bet.
- Retirement: Visit your retirement plan website and see how close you are to hitting your goal.
- Investments: Compare your returns with the most relevant stock, bond or blended index.