Tips for Being Financially Prepared

Balancing The AccountJean Chatzky, the financial editor for NBC’s TODAY show, AARP’s personal finance ambassador, and a contributing editor for Fortune magazine, recently shared some great tips for women on the Wells Fargo blog, Beyond Today.   “When you go through a life-changing event – a divorce or separation, the death of a spouse, a layoff, a major move – it can feel like your finances are in free fall. But often, getting to the point where you feel financially secure, can help you feel better about the chaos around you. I know that when I was going through my divorce, I was socking away every penny I could to provide the security blanket I needed.

Some of Jean’s tips for creating a financial plan for yourself:

Build a reserve:  “Having cash on hand really makes all the difference.”

Tackle the unknown:  “Do a little research to boost your confidence, then make a decision.”

Get financial help:  “Major life changes are a good signal that it’s time to consult with a financial advisor.”

Don’t be rash:  “In a case where you’ve received a windfall–a divorce settlement or inheritance, for instance–my best piece of advice is to sit on your hands for a while.”

Click here to read Jean Chatzky’s full post.

 

 

image courtesy of flickr/BY CC 2.0