What You Should Be Spending Your Money On
Try to stick to your fixed expenses, said Cal Brown, a financial advisor with Savant Capital Management in McLean, Virginia. “The best way to understand fixed expenses is to think, if you don’t pay them, something bad is going to happen,” he said. “For example, rent or mortgage payments, car payments, utilities, and other loan payments.”
“During these times people have a knee-jerk reaction to look at their insurance premiums as a way to cut costs,” he said. “Be very careful in this department. You do not want to change an existing policy to save money and have adverse effects if a claim is ever made”, recommends Jeffrey Benowitz, CLU, ChFC, a registered representative with Certified Financial Services and Guardian Life in Paramus, New Jersey.
