DES MOINES, Iowa — Millions of Americans and thousands of Iowans lost their jobs this year, throwing their finances into disarray.
Some have recovered, while others won't for a long time. Local 5 spoke with a financial professional on the money moves to make before the year is out. "I always talk about having that emergency fund. That's the first thing I'd be looking at, because again, if this year doesn't tell you to do it, I don't know what will," said Cameron McCarty, President of Vivid Tax Advisory Services.
McCarty also wants you to invest in your future by taking advantage of your 401Ks. "Make those contributions as much as you possibly can afford as well," he said.
A good emergency fund is 3-6 months of income set aside. If you can't do that, he said save up as much as your budget will allow.
The holidays are right around the corner and for many that means buying gifts. McCarty said, "Be careful of [your] credit cards because the big point here is interest is what should pay you and not you paying interest. And those credit card fees, those rates can be astronomical."
Here are a few more shopping tips:
- Don't put money on a credit card if you can't pay it off.
- Look for those deals while shopping. Many Black Friday deals are already happening.
- Put a limit on how much you're going to spend on gifts.