How to weather a financial market crunch
DO NOT PANIC
Make no rash decisions
Think long term
If you have no plans to sell or rearrange your investments consider not opening
statements or watching the news if it creates stress
Stop buying things you can’t afford to impress people you don’t know.”--Suze Orman“
Cut back & save to build a nine month reserve
Keep contributing to your Roth--if you are not already in retirement
If your investments or income are down, it may be a good time to convert IRA’s to Roth?
CUT THE CLUTTER
Stop wasteful catalogs and annoying phone calls--To Opt Out call 1-888-5OPTOUT
(1-888-567-8688) Or visit or DoNotCall.gov
Declutter--Clean your home, garage, basement, car, office--Organization is power
Give away, throw away, sell anything you do not need--Those with little have even less
now--Another great reason to go through your giveaways--clothes, toys, furniture
Or call 1-800-GOT JUNK Freecycle.org AMVETS PurpleHearts
Get a good cross shredder for papers with your name, address or account numbers
Be sure to shred any unsolicited mail from credit card or financial companies
Put your photo on credit cards
Do not carry anything with your social security number
Eliminate accidental late fees & finance charges with auto paying through your credit
card or checking account with prearranged overdraft protection
Save on stamps, envelopes & time
Improve your credit score with on-time payments
Arrange direct deposit with your employer and set up auto savings as well
Simplify monthly bills by paying a year or two in advance for cable, newspaper,
trash…any annoying smaller monthly bills
WHAT’S YOUR NUMBER?
Check all three credit bureaus for FREE and clear up any mistakes on your credit report. Close any accounts in writing not in use.
You will have to pay for your credit score. This is the number that will influence yourinterest rate. Your goal is over 780. www.annualcreditreport.com or call 877-322-8228
Better yet, call me and I will refer you a mortgage person willing to make suggestions to improve your credit.
GET A CLUE
Ask for a CLUE Report. (Comprehensive Loss Underwriting Exchange)
Mistakes on your property insurance claims report can prevent a home sale.
www.choicetrust.com or call 1-866-527-2600
Get a professional review of the last few years of tax returns, retirement/investment plan,
home/auto/health insurance, & will/trust. Family changes require an update.
If you are planning to sell in the next few years and have plans to do work, why not take
advantage of more affordable materials and labor now and enjoy the finished product?
PAY IT FORWARD
Donate your time--Habitat for Humanity, church, community
Donate any extra food or household items to your local food pantry
Donate better work clothes to a woman’s shelter
Invite friends & family in for game night or potluck
Trade books, movies, games or puzzles
If dining out--skip appetizers, dessert, and drinks-- but tip Big!
Make yourself indispensable at work. Consider a second job or outside consulting
Unplugged TV’s, alarm clocks, DVD players in rooms rarely in use
Call me if you just received your property tax assessment and want to appeal. Or if you are contemplating any home improvements for best possible pay off. Call if you want to know what homes in your area are selling for. Or if you want help staging your home to sell. And please call me if you just want to show off a new kitchen, bathroom or basement!
All phone numbers and web sites are from my Money Magazine subscription. If you have any other tips, please e-mail me at firstname.lastname@example.org or Cell 847-814-7895