4 Brilliant Financial Moves You Should Make Today
With the potential for new tariffs looming on the horizon, it’s more critical than ever to fortify your financial situation. As prices are likely to spike on everyday essentials and big-ticket items alike, smart planning now can save you a great deal of stress and money later on. Here are four savvy strategies you can implement to safeguard your wallet.
1. **Beef Up Your Emergency Fund**
In times of economic uncertainty, having a robust emergency fund can be your safety net. Experts generally advocate for saving three to six months’ worth of living expenses. But with tariffs possibly causing inflation, now may be the perfect moment to contribute even more to this fund.
How can you do that? Start by earning up to 10 times the national average savings rate by opening a CIT Platinum Savings account today. This simple step can boost your finances while you prepare for any economic shifts.
2. **Pay Off High-Interest Debt**
As tariffs might lead to the Federal Reserve increasing interest rates, paying off high-interest debt should be at the top of your to-do list. If your debt gathers interest at a high rate, postponing payments could cost you dearly.
Looking for ways to reduce that burden? Consider utilizing a balance transfer credit card or a personal loan with a lower fixed rate to consolidate your debt. Tackling your debt now means less financial strain later.
3. **Invest Wisely**
In an evolving economic landscape, investing wisely is crucial. Tariffs and trade wars can create market volatility, but this doesn’t mean you should run for the hills. Instead, consider diversifying your investments.
Focus on index funds and ETFs that follow the broader market. Not only can they help you weather tumultuous times, but they also offer a steadier return. Additionally, certificates of deposit (CDs) are a secure way to lock in your savings; check out the best CD rates currently offering rates above 4.00%—a very attractive option if market rates continue to rise.
4. **Lock in Big Purchases Now**
If you’ve been contemplating significant purchases, such as a vehicle, home appliances, or renovations, consider acting sooner rather than later. Tariffs could push prices up on imported goods and materials, so locking in lower prices now could save you a handsome amount in the future.
Of course, don’t rush into any substantial purchase without the proper consideration. If you’ve planned your purchase, now could be the perfect time to make it happen before costs climb.
Don’t Panic
Even with the uncertainty surrounding tariffs and the economy, remember that smart financial habits are always in vogue. Strengthening your emergency fund, eliminating debt, investing wisely, and locking in major purchases will empower you to navigate any economic landscape effectively.
As you evaluate your finances, should you be in need of a high-yield savings account, a low-interest balance transfer card, or investment guidance, now is the time to explore your options. Taking small, decisive steps today can secure your financial future amidst an unpredictable climate.
