Financial Fears to Forget this Halloween

One of the common investor concerns that we have encountered lately includes apprehension over the Federal Reserve’s impending decision to raise interest rates. If rates increase this could impact everything from your savings account to credit card fees. With the ghouls and goblins of the Halloween holiday around the corner, now is an ideal time to put the reins on these common financial concerns, especially as we anticipate a potential rate hike:

  • Fear of not saving enough. Here’s a frightening fact: 60 percent of Americans don’t have enough rainy-day funds to pay for a minor emergency, like a car accident.1 Avoid being one financial emergency away from a downward spiral. When you have a budget, you know how much cash you’ll have to sock away in a savings or retirement account after expenses are paid.
  • Fear of debt. If you are drowning in debt it can be downright scary! Don’t let those fears control you — know where you are spending. Create a budget and use it as a framework to spend with purpose. Understand your interest rates for credit cards and loans. Set realistic goals to pay down debt, step by step.
  • Fear of checking your credit. A best practice is to check your credit every year, however many are afraid to check it and find out they have a less than ideal score. Knowledge is power — it’s important to know your score and responsibly work to improve your credit. A poor credit score can make it challenging to be approved for a good loan or loan rate and impact other aspects of life.
  • Fear of outliving your savings in retirement. Planning ahead is the best way to conquer your fear of not having enough money for retirement. If you are within 10 years or less of retiring, it’s time to shift your financial priorities, if you haven’t already done so. Focus more on your future, rather than immediate wants and needs. Start putting away more money in a retirement fund. Aim to meet contribution limits for your designated retirement account (especially where there are potential tax benefits). If you have a workplace sponsored plan, get the employer match (if available) — that’s free cash waiting for you!

Don’t hesitate to contact one of our Investment Representatives at your convenience if you’d like to discuss options.

This information is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.

Securities and insurance products offered through Cetera Investment Services LLC (doing insurance business in CA as CFGIS Insurance Agency), member FINRA/SIPC. Advisory services offered through Cetera Investment Advisers LLC. Cetera Investment Services LLC and Cetera Investment Advisers LLC are not affiliated with the financial institution where investment services are offered. Investments are: *Not FDIC/NCUSIF insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency. Advisory services may only be offered by investment adviser representatives in conjunction with an advisory services agreement and disclosure brochure as provided.