Tools to use during financial planning month.

Financial Planning Month Tips and Tricks

October 12, 2021

October is Financial Planning Month, so what better time to take a step back, review your personal financial plan, and make adjustments so that you can meet your goals. Whether that goal is to prepare to buy a new home, perhaps do some home renovations, or even purchase a second home, a sound financial plan is what will help you achieve it. 

Here are a few tips and tricks to help you get started creating your plan, or perhaps updating your existing financial plan.

Identify your goals

Your goals should consist of a variety of short-term, mid-term, and long-term goals. The short-term goals should be immediate goals that are attainable, while mid-term goals will likely have more to do with preparing to buy a home, save for kids’ college, or maybe purchase a vacation home. For most people, long-term goals are focused on retirement and making a plan for long-term care.

Set a budget

While setting a few goals is a great start, it doesn’t mean much if you don’t create a budget that will realistically help you to attain those goals. This may require that you dedicate some time to tracking your spending before you are able to set a budget, but trust us, this is time well-spent.

Expect the unexpected

A big part of your financial plan is ensuring that it is ready to handle the unexpected that life tends to throw at all of us. In addition to the college savings or the house fund, you will want to create an emergency fund that you can gain quick access to should something arise.

Save for retirement

You can take a loan out to send the kids to college or to buy a home, but you can’t take a loan out to fund your retirement. So while it is a long-term goal, it better be on your radar from early on. Keep in mind that the sooner you begin saving for retirement, the better. When you start early, you can afford to put away less money per month since compound interest is on your side.

Keep your plan updated

Once you’ve established your financial plan, it’s important to review it regularly and make any necessary adjustments. You will want to review your financial plan a few times a year and after any major lifestyle changes, such as moving, getting a new job, getting married, or having kids.


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