Personal Finance Guide

Archive for February, 2010

Build or Maintain Adequate Cash Reserves

When times are uncertain, it becomes even more important to build or maintain adequate cash reserves. An emergency fund provides you with protection in the event of temporary unemployment, a period of disability, out-of-pocket medical expenses, or other unexpected expenses.

It’s generally recommended that you set aside enough money to cover three to six months of basic household and family expenses.

Where Should You Keep Your Cash Reserves?

• Money market accounts
• Money market mutual funds
• Certificates of deposit
• Series EE savings bonds

Keep Complete and Accurate Records

Most financial firms have very comprehensive safeguards in place to make certain that your funds aren’t physically lost in the event of a catastrophe. You aren’t likely to physically lose your funds because your bank or broker encounters difficulty.

Still, having complete and accurate records makes the process of cleaning up the mess go much more smoothly. And much more quickly.

What About My Retirement Plans?

If you were properly managing your qualified retirement plans before the advent of turbulent times, you should continue to do so. If you weren’t, now is the time to start. Many people’s qualified retirement plans are heavily invested in mutual funds. That means many people’s retirement plans are, in essence, self-contained investment portfolios.

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