Ashley Temer is a Financial Representative with Northwestern Mutual who helps professionals, families, and business owners plan for financial security. She’s here for your “Money Minute.”
What would you do with some extra money? For a lot of people, the first instinct when they have more money than expected is to pay off debt. But depending on your situation, it could make sense to use another strategy.
If you don’t have an emergency fund, or would like to grow what you currently have saved, that could be a great place to start. When you have money tucked away for emergencies, you likely won’t have to turn to credit cards to cover unexpected expenses that come your way. You probably have other goals as well and the short-term you might be thinking about saving for a vacation or the downpayment on a home. In the long-term, it may be contributing to your 401K or investing in a college savings fund for your kids.
You can manage all of it, but it takes planning. Northwestern Mutual’s advisors can help you create a financial plan that helps you plan for the future while living the life you want to live today.