BY MONICA MAZUN
After reflecting on my own ‘everyday carry’ (EDC) items (ChapStick, always ChapStick, so much ChapStick) and eventually going down the EDC sub-Reddit rabbit hole (people carry some very intriguing items), I found myself thinking about how universally everyday carry lends itself to different themes. From what’s in your bag to what apps are on your phone, we’ve all adopted tested and true everyday items we regularly reach for – including financial tools that we should always have handy.
One of the first things on my list would be having an accessible emergency fund. Whether it’s held at your bank, your investment brokerage, or under your mattress (not recommended), having three to six months worth of living expenses set aside for life’s surprises is a great safety net. If you don’t already have one, you can start small by setting aside a realistic monthly amount in a separate and liquid high interest savings account to ensure you still earn interest while keeping your funds accessible.
Having financial and budget apps on your phone is another great way to save for short- and long-term needs. There are budgeting apps that can link directly to your debit or credit cards to help you track how much you spend and notify you if you’ve gone over your monthly budget. It’s easy to be financially aware these days, between stock apps to track the markets, investment apps to see your portfolio at a glance, or bank apps that allow you to lock your debit or credit card if it’s been lost or stolen, which can be a huge help in a stressful situation. Having all this at your fingertips is priceless. If plans like these feel overwhelming, work with a financial advisor who can help you set things up.
For some, everyday carry means protection, and that’s where life insurance comes in, especially when it comes to protecting your loved ones financially. Life insurance should be in everyone’s financial toolkit, not only to provide stability to those who depend on your income after you’re gone, but also to pay off large debts, or leave a legacy. Insurance products can also be an important part of your overall wealth management strategy. If you have a corporation, insurance planning gets even more interesting, so make sure you explore all options with your financial advisor.
With life’s many surprises, I’d argue that the most important ‘financial everyday carry’ would be sound guidance from a trusted advisor whose advice can range from simple support such as budget planning and organizing ‘set it and forget it’ automatic savings plans to expert advice on tax efficiency and charitable giving after an unexpected inheritance. Knowing that you can place a call to your advisor (and knowing that they will actually answer the phone) is a great thing to have in your financial pocket.
