Freedom First Advice Center

Much of your twenties is spent figuring out who you are and where you’re going in life. As you progress into your thirties, more pieces of that puzzle begin to fall into place. Perhaps you’re planning to get married or start a family. Maybe specific career goals are on your mind. Regardless, it’s often a period of significant personal growth.

Achieving many of these milestones also takes preparation. And your financial situation will often play a critical role. Building a solid financial foundation should be a priority as it will pave the way for what’s next in life.

Use the following eight tips to strengthen your financial position and lay the groundwork for the goals you hope to achieve.

Receiving a tax refund is exciting and can give you a much-needed financial boost. However, it’s important to remember that this isn’t just free cash. Your tax refund is essentially money you lent to the government, which is now being returned to you. So, it’s in your best interest to use this money wisely.

How can you spend this money so that it helps improve your financial position? The answer to that question will largely depend on your age. The following suggestions explain how to effectively use your tax refund based on your current life stage.

Interest rates across the board continue to rise. It’s a wonderful scenario for savers with Money Market Accounts and Certificates of Deposit. Higher saving yields provide greater earning potential.

However, it’s an entirely different story when loan rates are also increasing – especially if the interest rates on your loans are variable. Sudden jumps can derail your budget instantly if you’re not prepared.

Managing existing debt and finding ways to preserve cash in a rising rate environment is crucial. The best place to start is by understanding the different types of loan rates and how the economy can impact your outstanding balances.

As you scroll through the news headlines, predictions of a looming recession are becoming more frequent. If you were in the workforce during the Great Recession of ’08, you know the one word that usually follows “recession” is “layoffs.” Add in the rising interest rates caused by inflation, and many debt-heavy businesses are likely already looking at staff reductions.

Even if you feel secure in your job, crafting a strategy to deal with a hypothetical layoff never hurts. Doing so will help familiarize you with the steps to take, and you could assist friends and family members who aren’t so lucky.

The following guide will walk you through steps you should take if you face an unexpected job loss.

It’s never fun when life throws you a sudden, unexpected financial curveball. And unfortunately, these challenges always seem to pop up when you least expect them. Ideally, the hurdle isn’t too tall, and you can cover the costs with your emergency fund. But these challenges are often more severe – and usually no fault of your own. Instances might include unplanned medical expenses, a sudden job loss, or a significant home repair. The good news is there are solutions available to help you get back on financial track. But they will require you to be proactive and address the challenges head-on. The following steps provide a roadmap for dealing with significant financial obstacles.