Catch Up with Your Cash
by Stacy Francis, CFP®, CDFA
Most folks get down to serious money-making much later in their careers than they’d like. If this is you, and you are trying to make up for lost time with your savings, there are a couple strategies that can help you get back on track and get money working for you.
Trading down the house – With real estate prices, now may be the best time to sell the house and bank the profits. Then, daily living expenses can be reduced and some equity freed up to put in stocks or mutual funds.
Max out your 401k – Your employer may be more generous than you think. Employer-matching contributions can really add zing to your 401k account. This is free money so be sure to invest in your 401K.
Increase your income – Consider ways to increase your income whether through consulting, freelancing or selling those knick knacks on the mantel that are collecting dust.
Increase your savings – Savings should be put aside every month before you pay any other bills. Planning to save the money left over at the end of the month never results to much more than just an idea.
Stacy Francis is president and CEO of Francis Financial, Inc., a fee-only wealth management practice dedicated to investment advisory services for women, couples and those experiencing divorce. She is also the founder of Savvy Ladies®, a nonprofit organization that educates and empowers women to take control of their finances.