This article originally appeared on Marketwatch.com. Read the full article here: 15 Money Moves to Make in 2019
Financial uncertainty is in the air — with some experts predicting a coming recession, more stock market volatility, and more consumers defaulting on their debts, among other issues.
And while we don’t know what will happen, that uncertainty makes 2019 a good time to shore up your savings, spend less so you can save more, pay down debt and invest smartly. So we asked experts what money moves they’d recommend taking in 2019. Here are 15 of them.
1. Develop an investment policy statement, which is a document that outlines your investment goals and objectives and the strategies that you’ll use to make them happen, says Mitchell C. Hockenbury, a certified financial planner at Kansas City-based 1440 Financial Partners. It might include information on your asset allocation, risk tolerance and more. He recommends taking Vanguard’s Investor Questionnaire to help you develop the statement, or working with a professional on it.
A statement like this can be very helpful in financially uncertain times, says Hockenbury: “The purpose is to help you when you become anxious with big drops in the market. The last thing you want to do is to make poor investment decisions because of fear or greed.”
2. Rebalance your retirement accounts, says Darren L. Zagarola, a certified financial planner at EKS Associates in Princeton, making sure your asset allocation is in line with the goals from your investment policy statement. It can help to consolidate your 401(k) plans from old companies, which “allows you to get a better handle on your investment strategy and risk level,” says Andrew Westlin at Betterment.
3. Make sure you have 3-6 months of income saved in an emergency fund, says Leanna Johannes, a senior wealth strategist at PNC Wealth Management in Philadelphia. This is a savvy move particularly during uncertain financial times, as it can help protect you in the event of a job loss or other emergency.
4. Pay off your debt like this.…