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Though pretty financially savvy, younger investors have been challenged by recessions, inflation, pandemics, political unrest—and all the market volatility that comes with those disruptions.

If you’re feeling overwhelmed, review these steps to help you get started or restart your long-term financial plan—and EMERGE stronger in the future.

Establish an Emergency Fund

• Studies show that nearly half of Americans cannot afford a $1000 emergency¹. If this is true for you, putting away money for unexpected expenses is key in helping you grow long-term wealth. For your emergency fund:
• Consider a basic savings or money market account.
• Focus on building enough savings to cover 3 to 6 months of expenses.
• Set up automatic transfers.
• Only use funds for true emergencies.
• Avoid using credit cards to pay for emergencies if possible—could increase your debt.

Make a monthly budget

• Review all your expenses vs. how much money you bring in.
• Track spending to discover opportunities to eliminate or reduce expenses.
• Study wants vs. needs.
• Set a budget/goal. Include helping pay down debt as part of your goal.
• Monitor spending and adjust where possible to stay on track.
• Remember, even small savings add up over time.

Explore different financial tools/products

• High-yield savings accounts
• Credit card rewards (as long as you pay off balance monthly) / Loyalty programs that offer discounts on gas or items you purchase regularly.
• Contribute to an Individual Retirement Account (IRA) or, if offered, your employer-sponsored retirement program.
• Research ways to reduce tax-liabilities
• Consider aligning a financial product with a specific goal (example: IRAs for retirement, CDs for holiday shopping or vacations) 

Review financial goals/budgets regularly

• At first, consider reviewing your goals and budget weekly.
• Adjust goals/budgets as expenses change (example: heating costs in the winter vs. air conditioning in the summer).
• Adjust goals/budgets with life changes (examples: marriage, new job or pay raise, inheritance, etc.)
• Schedule regular check-ins with a financial professional and when there are significant life changes.

Grow your financial literacy

• Research different financial terms with your bank, financial professional or on the internet.
• Focus first on budgeting terms and products, then explore financial initiatives such as buying a home or saving for retirement.
• Seek different points of view and financial philosophies.
• Regularly research financial topics as the environment can change quickly. You’ll also better understand what is causing market volatility, rate changes and other disruptions and how they impact you.
• Remember, especially when it comes to investing, if it sounds too good to be true, it probably is.

Engage a financial professional

• Even if you are just starting to budget and create a financial plan, a financial professional can help you explore your options and answer questions.
• Look to a financial professional for strategies for short-term and long-term financial goals.
• Ask what technology or tools the financial professional provides to help you monitor your progress.
• Understand fees and how the financial professional gets paid.

This checklist is just the beginning. Talk with a financial professional about your specific situation and what you can do to EMERGE with a strategy for your financial goals.

1. lendingtree.com

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Securities offered through LPL Financial (LPL), a registered broker-dealer (member FINRA/SIPC).

Insurance products are offered through LPL or its licensed affiliates. Consumers Credit Union are not registered as a broker-dealer. Registered representatives of LPL offer products and services using Consumers Credit Union, and may also be employees of Consumers Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Consumers Credit Union. Securities and insurance offered through LPL or its affiliates are:

Consumers Credit Union provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay Consumers Credit Union for these referrals. This creates an incentive for Consumers Credit Union to make these referrals, resulting in a conflict of interest. Consumers Credit Union is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Learn more

Find out more about Investment Services at Consumers Credit Union, available through LPL Financial (LPL), and meet our LPL Financial Advisors.

Click here