October is Financial Planning Month and the perfect excuse to focus on your resources ahead of the holidays and new year. Financial planning doesn’t mean planning for the future only. It also means planning for the now. Whether that’s today, next week, or next year, keep your spending in check and budget accordingly.
Of course, that season at which you are in your life dictates spending and budgeting. Financial planning is different for everyone.
The sooner you start to plan for your financial future, the easier it will be to reach your goals.
Small actions you take now will have a significant impact in the future. Here are some of the things you can do to improve your financial planning:
Budget
Always have a budget. If expenses out way income, you need to make changes and cut back on luxuries such as gym membership, take-outs, and drive-thru coffees.
Get organized
Pay your bills on time to avoid late fees. Keep your bank balance in check so that you don’t incur overdraft fees. Pay bills at the begging of each month. Take advantage of online banking and the My Money Manager tool, where you can set a budget, create goals, and track spending.
Start saving
Try and stick to a set amount each month. If you can add to the money you save each month, you will reach your goal faster or expand on it.
De-clutter
Have a clear-out before the holidays.
- Have a garage sale,
- donate items and receive a tax deduction,
- sell on Facebook marketplace,
- or take clothes, toys, etc. to a secondhand store.
Not only will you make space in your life for the items that you truly need and value, but you will add unexpected dollars to your savings account.
It doesn’t matter if you’re embarking on a financial plan for the first time today or revisiting an existing one and tailoring it according to your current needs. Some tools can help make the task a much easier one and set you up for success.
If you have any questions, please stop by your nearest branch and our team will assist you.