Here’s What to Do to Strengthen Your Finances
When the stock market is unpredictable, it's easy to panic. But instead of reacting emotionally to volatility, take the opportunity to focus on the parts of your financial life you can control. From budgeting to reviewing your credit, here’s how to manage your money wisely during market volatility.
1. Review Your Credit Report for Accuracy
One of the easiest ways to boost your financial health is to check your credit report. Reviewing it regularly helps you spot errors, track your credit usage, and monitor for identity theft.
Why it matters: A healthy credit score can save you money on interest rates and improve loan eligibility—especially important when the economy is uncertain.
👉 Check your free credit report here
2. Update Beneficiaries on Retirement Accounts
When the stock market is falling, reviewing your long-term financial plans is essential. Make sure your retirement account beneficiaries are accurate and up to date—especially after major life events like marriage, divorce, or having children.
👉 Learn why this update is crucial
3. Cancel Unused Subscriptions and Cut Recurring Expenses
Need to find extra cash while the stock market is down? Audit your monthly subscriptions. Streaming services, unused apps, or memberships can quietly drain your bank account.
Pro tip: Use a subscription tracker app to easily identify and cancel unused services.
👉 Best apps to track subscriptions
4. Refresh Your Budget for Market Volatility
When the market is unpredictable, your budget shouldn’t be. Reassess your income, expenses, and savings goals to make sure you're financially prepared—no matter what the market does next.
Popular methods:
50/30/20 rule
Zero-based budgeting
Envelope system
👉 Compare budget styles here
5. Search for Forgotten Money and Lost Accounts
This is the perfect time to track down old or forgotten accounts—like a 401(k) from a previous job, an unused HSA, or even unclaimed government funds.
Why now: Recovering even a small amount can improve your financial cushion during a downturn.
👉 Find your lost 401(k)
6. Review Your Insurance Policies and Save
Take a fresh look at your home, auto, life, and health insurance policies. Are you overpaying? Is your coverage outdated? Shopping around and making updates could lead to big savings.
👉 How to spring-clean your insurance
Stacy was surprised to see this sign on her recent vacation to Bryce Canyon.
Final Thoughts: Stay Focused on What You Can Control
When the stock market is down, the best thing you can do is stay calm and focused. Instead of reacting to headlines, take action on the areas of your financial life that are fully in your control. These small steps can lead to greater confidence, stability, and long-term success.
We’re here to help. Reach out with any questions or concerns you may have.
And, as always, if you have any life changes or updates (i.e., new job, promotion, marriage, new baby, new grandchild, etc.) that may affect your current insurance and investing strategy, please call us at 215-579-5601.
Stacy Brilliant, Chief Operating Officer
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