FORTIFY YOUR FINANCES

The past few years have been full of uncertainty and change, and 2023 will likely bring additional financial pressures. Protect your future with some helpful tips and strategies:

Keep your retirement money for retirement.

Building an emergency fund is tough if income is tight, but setting aside even a small, fixed amount each payday can drastically reduce stress and hardship in an emergency. Consider putting the money into a low-risk, accessible account such as a savings account or money market fund, and setting an auto-draft schedule so you can set it and forget it.

Protect you and your loved ones from unexpected emergencies.

Insurance protects your health & finances, by helping to take care of the really big financial hits. Consider high-deductible health plans to take advantage of the triple-tax savings associated with Health Savings Accounts which can help lower your monthly costs and save for future health expenses. Additionally, consider electing in supplemental insurance like Disability insurance, Critical Illness, Hospital Indemnity, or Life and AD&D insurance to protect you and your family in the case of an accident, illness, or premature loss.

If you must borrow because of a financial emergency, carefully compare the interest rates of all options available to you.

If you own investments and want to sell, it's usually advisable to sell taxable investments first. Try not to touch your faster-growing retirement accounts. Taking money out of your retirement accounts could trigger income taxes and penalties.

Sell your gently used items you no longer need.

Free up storage space and earn extra cash by selling your used clothing, furniture, electronics, and other household items at consignment stores or online marketplaces. It may take some time, but you will be getting paid for getting organized!

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Investment advice offered through OneDigital Investment Advisors, an SEC-registered investment adviser and a wholly owned subsidiary of OneDigital.