The first step in navigating any life change is to take stock of where you currently stand financially. You don’t need to master everything but be proactive and informed. Each step you take towards understanding and managing your finances will bring you closer to securing your financial future, even amid uncertainty.

Focus on:

• Reviewing your income: Consider whether there has been a change in your income due to a new job, reduced hours, or other factors.

• Examining your expenses: Identify necessary and discretionary spending. Some expenses may change due to a life event, so make sure to adjust your budget accordingly.

• Assessing debts and savings: Review your credit card balances, loans, and savings to get an idea of what interest rates you’re paying and where you stand in terms of assets and liabilities.

• Credit scores: Understand how they work.  When accounts are opened, paid off, closed, or when utilizing certain percentages of your available credit, these all-impact credit scores. 

• Investments: Depending on your situation, you may need to revisit and adjust your investment allocation.  This means how much of your portfolio is invested in equities vs. fixed income. Ensure your investments are still in align with your goals and objectives.

Sometimes, navigating significant life changes can feel overwhelming, and it’s easy to make impulsive financial decisions. Seeking the guidance of a CERTIFIED FINANCIAL PLANNER® can help provide clarity making the best decisions for your future by helping you to understand your financial options, set goals and assist implementing strategies tailored to your specific situation.