Conduct a Financial Fire Drill to Assess Financial Health

We conduct fire drills to ensure fire warning systems are functional and that building occupants know what to do in the event of a fire-related emergency. Apply that same type of stress test to your money with a financial fire drill.

Photo by Steve Snodgrass.

Finance and frugality blog Frugal Dad urges us to take stock of our financial health by conducting a financial fire drill. Just like a real fire drill helps you run through a dangerous scenario without risk—"Who put the file cabinets in front of the fire exit?"—a financial fire drill shows you how effective your escape routes are and how big your safety net is.

You'll need to gather up all your bills, take stock of your savings and emergency fund, and head over the Frugal Dad to run through their financial fire drill checklist—which includes great tips like making a slash-and-burn list of non-essential services you can cancel the minute you get laid off or in other financial trouble.

It pays to be original when dreaming up your vacation plans, because if everyone else has the same idea as you, you're sure to be paying the highest rates possible for travel, accommodations and attractions.

A post on Currency, AmEx's personal finance blog recommends planning your trips on off-peak seasons to avoid the crowds and pay as little as possible.

The post says you're best off traveling between April 15 and June 1, as well as Oct. 1 and Dec. 15 - obviously excluding the travel hell that is Thanksgiving - for the best rates.

Granted, there are some disadvantages to traveling during the off-seasons. The San Diego beaches, after all, aren't quite as appealing in December, but Disneyland is still Disneyland during what passes for winter in Los Angeles.

What's your favorite off-season travel destination?

Travel Off-Season for a Cheaper, Better Getaway

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