How to Take Advantage of the Improving Economy
After a few rough years following the recession of 2008, it appears that the economy is starting to improve. Unemployment has dropped while stocks are rising. Are you ready to take full advantage of the improving economy? Sunset Bank has a few ideas to help you straighten out your financial life in 2015.
1. Pay off your debt
If you are earning more in a better economy, getting rid of debt should be your first priority. You don’t want to miss out on an economic boon because you are bogged down with loans and bills. Interest rates tend to rise in a good economy, so it is better to rid yourself of debt before it gets more expensive to pay off later.
2. Save, save, save
The other side of having higher interest rates is that you may be making more on the money you saved in a retirement account. You may also be earning more in a strong economy, and putting that money into a retirement account will help you prepare for the future.
3. Build up an emergency fund
If you are fortunate enough to have extra money, consider putting it into a fund to protect yourself. Though opinions vary on how much an emergency fund should hold, at least three months’ expenses is a good rule of thumb.
4. Update your resume
As the economy gets better, employers will likely start hiring more. Take advantage and update your LinkedIn profile and resume. If you stopped working due to the economic downturn, it may be time to get back into the workforce. If you are working, but don’t like your job, maybe it is time to find a better one! Even if you like your job, it is always a good idea to build up your network in order to take advantage of other opportunities.
All of us were affected by the economic crash in 2008. We learned what it meant to save and spend wiser than before. Continue to practice smart saving, as it will put you in the best place to take advantage of the economic upturn. For more financial advice, start a conversation with the friendly staff at Sunset Bank. We are always ready to talk with you at one of our Waukesha locations.