In recent years, investors have grown accustomed to seeing their savings grow at some impressive clips and have seemingly forgotten that markets go up and down by nature. We drown in news about what the negatives could be, but we’re here to help you through it. Here are some items to help you become an expert shopper.
Tips on shopping…
- Make a list.
Never go to the grocery store hungry. Make a plan and stick to it. You wouldn’t normally just show up to a random store and wander aimlessly throwing money about. Saving and investing are similar – there’s a lot of distractions and having a plan when you’re in a solid frame of mind will help you when things get hectic.
- Read product reviews.
You would never jump into a big purchase without reading the reviews to figure out which product is best for you. Savings vehicles, whether your 401k, HSA, 529, you name it, could benefit you in different ways. So do a little research before you start dumping your hard earned dollars into a new account. OR just hop into your blooom account and chat with one of our experts. We’re here to help you make the best decision for your situation.
- Stock up while supplies last!
When the markets drop, think of it as a sale on savings! It’s a great time to consider whether you’re contributing enough to your 401k and other savings accounts. If your debt is under control, and you can afford to put away a few more dollars… a downturn may be the time to do it!
- Read the manual.
You get the most out of a new gadget when you know how it works. Here’s the quick start guide: Stocks go up. Stocks go down. Repeat. Understanding how the market operates can help you make the most of it in the long run. Taking advantage of “sales “ can help you get the most out of your savings and not panic when things seem to be going haywire.