5 Tips to Avoid Scary Financial Scenarios

Tis the season for ghosts and ghouls, for Jason, Michael, Chucky, and Pennywise, that creepy clown from It. Truly terrifying. It’s also the season for those foolish folks in horror films who make terrible decisions and ultimately end up 6 feet under.

Don’t be a fool this season. Take care of your health. Especially your financial health. Below are 5 tips avoid scary scenarios and improve your financial health today.

1. Identify: Need or Treat?

Measure and manage your money. Track cash flow coming in and then set a clear budget that fits within these parameters. Be realistic and decide: What are non-negotiable or fixed needs? Once those expenses are accounted for, you can add extras. What are wants that would add to your healthy lifestyle? Finally, if you have money left over, what can you treat yourself too!

2. Carve out savings.

This really is fun for the whole family. Parents can set up auto deposits each pay period, or each month, so money is set aside without you even thinking about it. You can increase the amount as your income increases, or you can add extra deposits if you earn unexpected income through tax rebates or bonuses. Kids can save in the same way, setting aside portions of their allowance or cash gifts from family. Create healthy habits.

3. Exorcize your jealousy demons.

You don’t need to keep up with the Joneses. Find satisfaction in achieving the goals you have set for yourself and having the peace of mind in a secure future. A bigger house or a new car are not worth sacrificing current or long-term financial health.

4. Get rid of scary debt.

Just paying off the minimum amounts required on credit cards and loans will cost you thousands of dollars in interest over your lifetime. Choose a strategy to speed up the process and free up more money: consolidate multiple debts into one, ask for a lower interest rate, or try a debt-repayment strategy such as the snowball method for quick success, or the avalanche method for more savings.

5. Don’t play dangerous games with your future: Cultivate an Emergency Fund

This is separate from your regular savings. Set aside a small amount into an alternate fund each month. This is just meant to be dipped into when unexpected emergencies occur, such as medical bills or young new drivers crashing family cars.


6. Invest - Early and Often

Wise investments are the easiest way to earn passive wealth. But nothing begins growing until you commit to the process. Even small investments will grow exponentially over time – and they will grow significantly larger, the sooner you begin. Delaying even a few months is just leaving money on the table.

This Halloween, contact Vandermeer Financial. We can help you set up a plan to stay on top of your financial health so you can eat, drink, and be scary!

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