How Well Have You Planned For Your Financial Future?
By: Chris O' Shea
Tips for Financial Planning Month
Did you know that October is financial planning month? Well, it is. And yes, it seems like there’s a month for everything, but getting your money in order is always important, so we can get behind this one. Take advantage of this “holiday” and tighten up your finances. Here are some things to try.
Examine Your Goals
One fun way to celebrate financial planning month is to think about your goals. Break these goals into short-term and long-term. Are you considering a vacation next year? What does retirement look like to you? By reviewing your goals, you can focus on your savings.
Pay Down Debt
If you’re carrying debt and don’t have much of a plan to address it, a month dedicated to financial planning is the perfect time to change that. You’ll be able to rid yourself of debt much faster with a concrete plan. We suggest the avalanche method: Paying down the highest-interest debt first and then proceeding down the line.
Go through your budget and eliminate any unnecessary spending. Remember, every little bit helps. A $5 monthly charge is still $60 per year. Would you rather spend or save $60 a year for something meaningful — or just let it slip through your fingers?
Check Your Credit
Now that you can check your credit report once per week for free, there’s no excuse to have incorrect info on it. While you don’t have to check weekly, be sure you are checking at least once per month. Incorrect info can drag your credit score down and that can have major ramifications for your finances overall.
Do One Thing: Trim and revise your budget so that your spending and savings align with your values and goals.