Many people today are preoccupied with things they cannot control. It'scertainly natural to worry about such issues, but spending an inordinateamount of energy on worrying undoubtedly leads to high levels of stress.During challenging economic times, families are best served focusing theirefforts on the things they can directly influence.

Savings and Spending

Families can control the amount of money they save each month. Clearly,the more savings, the easier it will be to weather events that can't becontrolled such as job loss, inflation and other unforeseen emergencies. Inchallenging times, families should consider pulling back on unnecessaryexpenditures and increasing their savings rate. Spending goes hand-in-handwith savings. Simply, the less you spend, the more you save. For some, itmay make sense to hold off on major expenses and to limit luxury spending, anda surplus of savings will bring peace of mind.

Investment Strategy

Everyone has the power to decide where to put their money, and the abilityto develop an investment strategy that is in line with long-term goals.There's no better time than right now to revisit how much you're investing andwhere the funds are going. A qualified financial adviser can help youdetermine the best course of action based on your risk tolerance.

Planning for Retirement

Saving for retirement remains important, regardless of economicconditions. And while dramatic swings in the markets will affect the balanceof your 401K, SEP and IRA plans, that shouldn't change your contributionstrategy. The sooner you begin contributing to these tax-advantaged plans,the more savings you'll have down the road. While market conditions may limitthe amount you're able to contribute each month, remain in control of yourretirement planning now so you don't have to worry about it as you age.

Debt

We all maintain a degree of control of our debt, as well as our strategyfor dealing with it. Now is not the time to incur additional debt, and if youhave debt, now is the time to pay it off as quickly as possible. It will helpto have the funds available for other expenditures and you'll avoid any rateincreases that might be lurking around the corner.

Credit

A strong credit score is critical for those seeking to obtain a loan at afavorable rate. Paying down debt, making bill payments in a timely fashionand removing incorrect information from credit reports can all help improveyour score. If your family may be in need of a home or car loan in the not-too-distant future, take measures to improve your score before shopping for aloan.

Mortgage

Homeowners with a mortgage certainly have options, even during a down realestate market where selling might not be the best of those options. Many areimmersed in mortgages that are no longer affordable. Owners in this situationmight consider trying to sell, or perhaps rent their home. Mortgage holdersshould also explore re-finance options, particularly in situations where anadjustable rate mortgage makes them vulnerable to big swings in interestrates. And for those who are having trouble making payments, communicate withyour lender and try to negotiate an alternate payment plan. Hiding fromcreditors is never the right option.

About Harris: Harris is an integrated financial service organizationproviding more than 1 million personal, business and corporate clients withbanking, lending, investing and wealth management solutions. The organizationis a member of the BMO Financial Group (NYSE, TSX: BMO), which also providescorporate and investment banking services in the U.S. under the BMO CapitalMarkets name. For more information, please visit http://www.bmocm.com orhttp://www.harrisbank.com.

Harris(R) is a trade name used by various financial service subsidiariesof Harris Financial Corp. Banking products and services are provided byHarris N.A., The Harris Bank, N.A. and their bank affiliates. Members FDIC.Brokerage products are offered through Harris Investor Services, Inc. (HIS), aregistered broker/dealer, member NASD/SIPC, and SEC registered investmentadviser. Insurance and annuities are offered through Harris Bancorp InsuranceServices, Inc. (HBIS). Securities are provided by BMO Capital Markets Corp.(BMOCM), a registered broker dealer and member NYSE, NASD and SIPC. HIS, HBISand BMOCM are affiliated companies and are wholly owned subsidiaries of HarrisFinancial Corp. Products offered by HIS, HBIS and BMOCM are Not Insured bythe FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed byAny Bank or Bank Affiliate, May Lose Value. The purchase of insurance or anannuity is not a condition to any bank loan or service. Financial planningand investment advisory services are provided by Sullivan, Bruyette, Speros &Blayney, Inc., an SEC registered investment adviser. Family Office Servicesare provided by Harris myCFO, Inc. Investment advisory services are offeredby Harris myCFO Investment Advisory Services LLC, an SEC registered investmentadviser and wholly-owned subsidiary of Harris myCFO, Inc. Not all productsand services are offered in every state and/or location.

SOURCE Harris N.A.