The woes of Wall Street sometimes seem far from Sioux Falls, but the economic turmoil has many South Dakotans concerned about where they invest their money.

Sioux Falls resident Cindy Palleschi certainly is. She said, "I think you have to worry about being with quality companies right now more than ever."

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When it comes to investments, Waddell and Reed managing principal Steve Ciaflo recommends a good asset allocation model. So in down markets, you have more protection. Ameriprise Financial Services' Randy Bothwell is also telling his clients to invest wisely. He says if you have extra cash flow, invest in good dividend paying stocks.

When it comes to keeping your finances in shape, Bothwell suggests keeping close watch on your credit card use. He says there is nothing wrong with having and using credit cards, but when you miss a payment, the interest piles up fast. So it is important to make sure you'll have enough money to make the payment down the road. If you have a hard time keeping up with those payments, cut the cards up.

Aaron McGuire with Reliance Wealth Management Group of Sioux Falls recommends negotiating with credit card companies. A lot of times, they will reduce the interest rate for six months or more, said McGuire.

A certified credit counselor, Alyssia Sturm of Consumer Credit Counseling Service helps people budget too. Her advice: save, save, save.

"You need to save right now. Today," said Sturm. She recommends putting three to six months of your income into a savings account. That kind of money would come in handy in case of an emergency. Sturm says that even with insurance, a standard medical bill could be up to $5,000. One night in the hospital could cost you up to $2,000.

"You should plan for the worst case scenario, obviously hope it never happens, but it may and so you want to make preparations for that," said Sturm.

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