A financial advisor gives advice to help your bank account
PINE BELT, Miss. (WDAM) – Supply chain issues, inflation and Russia’s invasion of Ukraine have caused prices to rise. Financial adviser Courtney Payton, however, says it won’t be permanent.
“We have to remember that this is just a moment. Markets have moments, and we don’t want to make risky emotional decisions,” Payton said.
Payton works for Edward Jones Investment Company. Since the attack on Ukraine, many people are worried about money.
“Things are much higher than they were before. And that, of course, ties back to what I mentioned a moment ago, rising interest rates sort of match rising prices, but it’s hard to pinpoint where exactly prices are rising,” Payton said.
She says the best thing to do right now is to save your money.
“If you don’t need the money right now, we don’t have to stress too much or worry unduly about temporary market moves. So in order to mitigate that, I always tell my clients to make sure you have good emergency savings,” Payton said.
If you don’t have a savings account, you need to start creating one.
“So this is going to sound very basic is going to sound very simple, but budgeting is where it starts. Every client I have has a standard budget. So when we meet, I give them the budget spreadsheet, and even though it seems like a very simple thing, it requires a ton of discipline,” Payton said.
A successful budget lists every dollar in and every dollar out, such as housing, fuel, groceries, insurance, and utilities like your electricity and water. It is a plan with a purpose.
“So find places where you can say, ‘I don’t need this,’ it’s not a need or a no need. This will come in very handy when you’re looking at your budget,” Payton said. .
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