Q. Is it really so wise to dollar-cost average? — E.P., via the Internet

A. While many people are wary of investing, this strategy can make sense, especially in a volatile market.

Dollar-cost averaging is basically a forced savings strategy in which you automatically invest a set amount of money each month. Because you're not investing one lump sum, you don't risk trying to time the market.

"It is frequently used with company 401(k) retirement plans, with employees putting in maybe $100 a month," said David Bendix, certified financial planner and certified public accountant with Bendix Financial Group, Garden City, N.Y. "Even though stock and mutual fund prices fluctuate, on their downward swings you're able to accumulate more shares, so you wind up owning more shares at a higher price when the market recovers."

You can also dollar-cost average using money market, mutual fund or brokerage accounts outside of retirement accounts, he said.

"The only thing to keep in mind is transaction costs, since stocks and exchange-traded funds have costs each time you buy, which means you must consider if they're worth it," Bendix said. "You won't run into those same costs with mutual funds."

Q. Why haven't my shares of Procter & Gamble Co. done better? They are supposed to be reliable. — B.V., via the Internet

A. Times are changing at the world's largest consumer products manufacturer, best known for brands such as Tide, Crest, Pampers and Gillette.

The company, which is also the world's largest advertiser, has plans to expand its marketing on digital platforms such as online and social networking sites.

In addition, glossy fashion magazine ads featuring actress Scarlett Johansson are creating a buzz for P&G's pricey new cosmetics line, Dolce & Gabbana The Makeup. Moving in yet another direction, it formed a subsidiary to handle franchising and national expansion of its Mr. Clean self-car-wash products.

Other changes: Its Folgers coffee subsidiary was sold last year to J.M. Smucker Co. The prescription drug line is expected to be its next divestiture: chief executive AG Lafley has told investors that the expense and lengthy regulatory process of that business make it much less attractive than over-the-counter products.

This activity takes place at a time when the company appears more recession-resistant than recession-proof. Though its lowest-priced products have performed best, it has suffered sales declines across the board.

Shares of Procter & Gamble (PG) are down 21 percent this year following a decline of 16 percent last year. It is forecasting lower sales through the rest of the fiscal year ending in June.

Susan Arnold, once considered a potential chief executive for the company, stepped down last month as president of P&G's global business units. Speculation has increased that the successor to Lafley, 61, when he retires will be Chief Operating Officer Robert McDonald, though other candidates might emerge.

Analyst ratings on Procter & Gamble, a powerhouse with two dozen billion-dollar brands, consist of one "strong buy," four "buys" and 11 "holds," according to Thomson Reuters.

The Gillette Fusion razor is P&G's fastest-growing billion-dollar brand, while profit from Duracell batteries still lags. Rising commodity prices and lower overseas profit margins are ongoing concerns. The firm has built a dozen new manufacturing plants in developing markets since 1990.

Earnings are expected to rise 17 percent in the fiscal year ending in June and decline 3 percent in the following fiscal year. The five-year annualized growth rate projection of 9.5 percent is in line with forecasts for the personal-products industry.

Andrew Leckey answers questions only through the column. Address inquiries to Andrew Leckey, 555 N. Central Ave., Suite 302, Phoenix, AZ 85004-1248, or by e-mail at andrewinv@aol.com