Concerned over the balances in your accounts??
What can you do??
Do you cringe when you look at the balance in your Retirement account or your savings account? Are you not looking? Deep down, does the loss scare you--? Do you think to yourself- I am ok now-- but I really don’t like the balance in my 401(k) /IRA. I need more in my savings in case I lose my job---or I need a savings account period. Are you worried about your income dropping or worse no income at all?
I am right here with you. I do not like to see the balance in my IRA down or my income declining---I am worried about job security for people.
In a time of little control---What can you do about it---??
A few tips of things in your control
- Increase your contribution to your 401(k). Let the power of buying now help to get you back to your desired balance.
- Watch for loans coming out with attractive interest rates----If you need to consolidate and reduce your monthly expenses –keep your eye open for these opportunities---but remember don’t go buying more with those credit cards!
- Increase your savings by keeping your tax return or your bonus or stimulus check—don’t spend it
- Create a Habit of savings—remember, the right approach to take with your paycheck is put money into savings or “Pay yourself first. Adding money to savings is a habit you acquire---even if it is only $5.00 a month—start with something and be consistent.
Remember to stay strong during this scary time. As my dad once said to me “Hold your head up and remember who the hell you are.”