BUFFALO GROVE, IL. (October 30, 2008) – As the news from Wall Street sends shock-waves through Main Street, many Americans are wondering what they should be doing to weather this economic storm. While no one knows the answers to the big questions, many are seeking answers for the small questions that can help them stay afloat during this tumultuous time.

"A Personal Financial Representative can be your greatest ally right now,"
said Jim Kontopoulos, Allstate's Midwest Regional Financial Services Leader. "Now is a good time to sit down with a Personal Financial Representative and talk through the situation and chart a course that is best you and for where you are in your life."

In addition to you carefully planning your finances, Allstate recommends considering the following steps to safeguard your home and finances:

• Emergency Fund: In today's difficult economy, having an emergency fund is more important than ever. Some financial professionals recommend keeping emergency funds that will get you through one year of unemployment.

• Protect Your Assets: Meet with your insurance agent and make sure your homeowners or renters policy is current and adequate to meet your needs.
Make sure you have a clear understanding of what your policy does and doesn't cover. Also, now is a good time to put together a home inventory, which helps speed up the claims process.

• Life Insurance: If your employer provides group life coverage but not individual life insurance coverage, you might want to look into purchasing an individual life insurance policy outside your place of employment. Nearly half of Americans do not have an individual life insurance policy - which means some may not be covered by a life insurance policy should they lose their job.

• Maintain Your Car: Keep current on maintenance and repairs. It may become harder to get credit on a new car, so you may be driving this one for a while.

• Pay Off Debt: Think about your credit card interest rate. If your credit card interest rates go up, that means you'll be forking over more cash to pay off your debt.

• Meet with Your Personal Financial Representative: Now is a great time to meet with your Personal Financial Representative (or get a personal financial representative if you don't have one already). This individual will be equipped to help you navigate today's economy in a way that makes the most sense for you and your goals and lifestyle.

While we may not know how, when and where this economic crisis will end, careful planning and preparation can go a long way to make weathering the storm a bit smoother.

Courtesy of Allstate Financial

For more information please visit: www.myallstatefinancial.com .