Financial Fears to Forget This HalloweenOctober 30, 2015 by adminOne of the common investor concerns that Orange Capital Management Inc. have encountered lately includes apprehension over the Federal Reserve’s impending decision to raise interest rates. If rates increase this could impact everything from your savings account to credit card fees. With the ghouls and goblins of the Halloween holiday around the corner, now is an ideal time to put the reins on these common financial concerns, especially as we anticipate a potential rate hike:Fear of not saving enough. Here’s a frightening fact: 60 percent of Americans don’t have enough rainy-day funds to pay for a minor emergency, like a car accident. Avoid being one financial emergency away from a downward spiral. When you have a budget, you know how much cash you’ll have to sock away in a savings or retirement account after expenses are paid.Fear of debt. If you are drowning in debt it can be downright scary! Don’t let those fears control you — know where you are spending. Create a budget and use it as a framework to spend with purpose. Understand your interest rates for credit cards and loans. Set realistic goals to pay down debt, step by step.Fear of checking your credit. A best practice is to check your credit every year, however many are afraid to check it and find out they have a less than ideal score. Knowledge is power — it’s important to know your score and responsibly work to improve your credit. A poor credit score can make it challenging to be approved for a good loan or loan rate and impact other aspects of life.Fear of outliving your savings in retirement. Planning ahead is the best way to conquer your fear of not having enough money for retirement. If you are within 10 years or less of retiring, it’s time to shift your financial priorities, if you haven’t already done so. Focus more on your future, rather than immediate wants and needs. Start putting away more money in a retirement fund. Aim to meet contribution limits for your designated retirement account (especially where there are potential tax benefits). If you have a workplace sponsored plan, get the employer match (if available) — that’s free cash waiting for you!Want to share your financial fears with an expert on our team? Please give us a call today at (714) 634-8051 to schedule a time to speak with one of our Certified Financial Planners.