Financial adviser gives tips to help your bank account

PINE BELT, Miss. (WDAM) – Supply chain issues, inflation and Russia’s invasion of Ukraine have caused rising prices. Financial adviser Courtney Payton, however, says it will not be permanent.

“We have to remember that this is just a moment. Markets have moments, and we don’t want to make risky emotional decisions,” said Payton.

Payton works for Edward Jones Investment Company. Since the attack on Ukraine, a lot of people have been worried about money.

“Things are much higher than they used to be. And that, of course, ties back to what I mentioned a moment ago, rising interest rates kind of correspond with rising prices, but it’s difficult to pinpoint where the exact prices are rising,” said Payton.

She says the best thing to do right now is to save your money.

“If you don’t need the money right now, then we don’t have to overstress and have undue anxiety about temporary market moves. So, in order to mitigate that, I always tell my clients to make sure that you have good emergency savings” said Payton.

If you don’t have a savings account, you need to start building one.

“So it’s gonna sound very elementary is going to sound very simple, but budgeting is where it begins. Every client that I have has a standard budget. So, when we meet, I give them the budget worksheet, and though it sounds like a really simple thing, it requires a ton of discipline,” said Payton.

A successful budget lists every dollar coming in and every dollar going out such as housing, fuel, groceries, insurance as well as utilities like your power and water. It’s a plan with a purpose.

“So, find places where you can say, ‘I don’t need this,’ that’s isn’t a need or a non-need. That’s going to be really helpful for you when you look at your budget,” said Payton.

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