Financial Health Looks Good on You
We are so pleased to present a guest blog from Mary Slane, from Slane Financial Group. During these unprecedented times, we at This One Dress are concerned about the whole of you, which is so much more than how you look, and financial wellbeing is a critical part of your overall well-being. Enjoy her blog..and wow were we so excited to see that she had her professional headshot taken in her This One Dress! (Blue Empire, “The Delaney”) To learn more about Mary, see her LinkedIn profile here.
As a holistic financial advisor, part of my job is to help my clients deal with uncertainty. In doing this, I not only teach them to plan for the future, I show them how to stay with a plan even as things around us are changing. Uncertainty makes everyone uncomfortable, but financial strategies need to be maintained despite economic volatility. By focusing on what you can control and making thoughtful decisions based on the assessment of what is happening in your personal situation, you can better deal with that uncertainty. We must be careful not to make hasty, short-term decisions that will have harmful effects on our long-term goals.
Paying current expenses and maintaining cash flow are very real concerns for many. These concerns need to be addressed along with how to keep longer-term financial goals in place.
Three things you can do to help you feel more in control are:
- Focus on your personal economy. Have your income and expenses changed in the last few months? After doing a spending survey, are there any areas where your money is being spent on things that are not important to you? What adjustments can you make? If you have some extra money, start or build up your emergency fund.
- Review your long-term goals. Prioritize and adjust as your current situation changes. Continue to fund your retirement plan. Make sure your insurance policies are appropriate and your beneficiary information for all your accounts is updated.
- Stay informed regarding available resources. Many relief measures have been introduced for individuals and business owners. If you have credit card debt, contact your providers and ask to have your interest rate lowered. Reach out to trusted resources to discuss what options are right for you.
The uncertainty and ever-changing social and economic climate we are facing today can make us feel a true lack of control. While it is important to be informed, I feel it is also important to shut out some of the “noise” of constant news reports that tend to amplify the negative. A useful phrase I heard is, “24/7 news is for our convenience not for constant consumption.” Engaging in healthy coping strategies, having a plan and sticking to it can help us gain back some of that control. All these things affect decision making abilities. Everyone’s experience is different, but having someone you trust to help you review your current issues will assist you in making better decisions and feel confident moving forward.
Mary C. Slane is a Registered Representative offering Securities through United Planners Financial Services, Member: FINRA, SIPC. Advisory Services offered through TCP Asset Managment, LLC. TCP Asset Management LLC, Trendency Capital Partners LLC, and United Planners Financial Services are not affiliated.
