Five Things You Can Do to Keep Your Finances on Track
In these turbulent times, many people wonder how they should be managing their finances to achieve the best results for the present and future. Brian Madgett, former Head of Consumer Education at New York Life Company (retired in 2020), shares five things you can do to keep your finances on track, both now and for the long term.
1. Re-evaluate your financial strategy and stick to the basics
The basics ring true during both times of growth and times of uncertainty. Having life insurance coverage, a well-established emergency fund, a properly diversified investment portfolio within your risk tolerance, and a company-sponsored retirement plan to receive any available employer match are all vital elements of a protection-first financial strategy.
“This current environment is a good opportunity to step back and evaluate how you can live within your means,” said Madgett. “In addition to understanding how your income may change and creating a spending plan that’s sustainable over time, it’s also a good time to understand your employer benefits and take advantage of flexible spending accounts to offset unexpected health costs or discount programs that could provide special pricing on household items and family care services.”
2. Establish or grow your emergency fund
Having at least a few months of expenses is critical if losing your job might be a concern. Save what you can, and when interest rates stabilize, consider opening a high-yield savings account.
“If you haven’t started an emergency fund, start with what you can save now and evaluate opportunities to pause some of the discretionary expenses you regularly incur. Consider redirecting some discretionary and social funds to your emergency savings account,” said Madgett.
3. Get a handle on debt
Evaluate revolving debt, such as credit card debt, personal loans or loans against your home equity, and work with your lender to create a sustainable strategy. “It’s good to reach out to your lender or loan servicer to understand the options available to you,” added Madgett.
4. Ensure your protection-first approach has enough protection
Life insurance is a bedrock of a protection-first financial strategy, and it’s important for you to ensure that the coverage you have is adequate for any change in circumstances.
“Americans continue to prioritize the health and safety of their loved ones. Life insurance is one of the best ways Americans can ensure their families are financially protected,” noted Madgett.
5. Look to the long term
While it’s easy to make emotional decisions about money during stressful times, it’s important not to lose sight of your long-term financial goals and adjust your decision-making accordingly.
“Long-term retirement savings accounts are meant to be just that—long-term,” said Madgett. “Younger savers should stay the course with their retirement savings accounts where possible or consider decreasing contributions to ensure they are still able to receive an employer match. Those closer to retirement may consider guaranteed lifetime income to help ensure basic retirement needs are met.”
Easily apply for life insurance online, typically with no medical exam
To save you time and hassle in helping safeguard what matters most, we’ve worked with New York Life Insurance Company to simplify your application process for up to $250,0001 of Term Life Insurance for APTA members.
- An online calculator lets you choose a monthly cost you’re comfortable with and instantly see how much coverage it can buy. Plus, now APTA members can save 25% in the form of a premium credit!2
- Apply online in minutes – in most cases, members and spouses under age 50 applying for $250,000 coverage or less will not require a medical exam.
- Up to $1 million of Group Term Life Insurance, and up to $2 million of Group Level Term Life Insurance available (full medical underwriting may apply for higher amounts).
- You’ll have the option to lock in your cost at your current age for as long as 20 years (depending on which policy you select).
(No need to provide an email address or phone number to see your cost.)
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 In most cases, no medical exam is needed (just answer a few health questions) for applicants under age 50 applying for up to $250,000 Group Term Life ($200,000 for Level Term Life). If an exam is required, it will be scheduled at your convenience and at no cost to you. Higher coverage amounts are available.
2 Premium credits are not guaranteed. The current credit of 25% for Group Term Life Insurance is in effect through 6/30/26 and will be reflected on your premium statements.
3 Including information on features, costs, eligibility, renewability, limitations and exclusions.
7521507
Five Things You Can Do to Keep Your Finances on Track
In these turbulent times, many people wonder how they should be managing their finances to achieve the best results for the present and future. Brian Madgett, former Head of Consumer Education at New York Life Company (retired in 2020), shares five things you can do to keep your finances on track, both now and for the long term.
1. Re-evaluate your financial strategy and stick to the basics
The basics ring true during both times of growth and times of uncertainty. Having life insurance coverage, a well-established emergency fund, a properly diversified investment portfolio within your risk tolerance, and a company-sponsored retirement plan to receive any available employer match are all vital elements of a protection-first financial strategy.
“This current environment is a good opportunity to step back and evaluate how you can live within your means,” said Madgett. “In addition to understanding how your income may change and creating a spending plan that’s sustainable over time, it’s also a good time to understand your employer benefits and take advantage of flexible spending accounts to offset unexpected health costs or discount programs that could provide special pricing on household items and family care services.”
2. Establish or grow your emergency fund
Having at least a few months of expenses is critical if losing your job might be a concern. Save what you can, and when interest rates stabilize, consider opening a high-yield savings account.
“If you haven’t started an emergency fund, start with what you can save now and evaluate opportunities to pause some of the discretionary expenses you regularly incur. Consider redirecting some discretionary and social funds to your emergency savings account,” said Madgett.
3. Get a handle on debt
Evaluate revolving debt, such as credit card debt, personal loans or loans against your home equity, and work with your lender to create a sustainable strategy. “It’s good to reach out to your lender or loan servicer to understand the options available to you,” added Madgett.
4. Ensure your protection-first approach has enough protection
Life insurance is a bedrock of a protection-first financial strategy, and it’s important for you to ensure that the coverage you have is adequate for any change in circumstances.
“Americans continue to prioritize the health and safety of their loved ones. Life insurance is one of the best ways Americans can ensure their families are financially protected,” noted Madgett.
5. Look to the long term
While it’s easy to make emotional decisions about money during stressful times, it’s important not to lose sight of your long-term financial goals and adjust your decision-making accordingly.
“Long-term retirement savings accounts are meant to be just that—long-term,” said Madgett. “Younger savers should stay the course with their retirement savings accounts where possible or consider decreasing contributions to ensure they are still able to receive an employer match. Those closer to retirement may consider guaranteed lifetime income to help ensure basic retirement needs are met.”
Easily apply for life insurance online, typically with no medical exam
To save you time and hassle in helping safeguard what matters most, we’ve worked with New York Life Insurance Company to simplify your application process for up to $250,0001 of Term Life Insurance for APTA members.
- An online calculator lets you choose a monthly cost you’re comfortable with and instantly see how much coverage it can buy. Plus, now APTA members can save 25% in the form of a premium credit!2
- Apply online in minutes – in most cases, members and spouses under age 50 applying for $250,000 coverage or less will not require a medical exam.
- Up to $1 million of Group Term Life Insurance, and up to $2 million of Group Level Term Life Insurance available (full medical underwriting may apply for higher amounts).
- You’ll have the option to lock in your cost at your current age for as long as 20 years (depending on which policy you select).
(No need to provide an email address or phone number to see your cost.)
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 In most cases, no medical exam is needed (just answer a few health questions) for applicants under age 50 applying for up to $250,000 Group Term Life ($200,000 for Level Term Life). If an exam is required, it will be scheduled at your convenience and at no cost to you. Higher coverage amounts are available.
2 Premium credits are not guaranteed. The current credit of 25% for Group Term Life Insurance is in effect through 6/30/26 and will be reflected on your premium statements.
3 Including information on features, costs, eligibility, renewability, limitations and exclusions.
7521507
