Welcome October! Enjoy the month for financial planning fun

The month of all thing’s sports (we’re looking at you, baseball playoffs & college football), cooler weather, cozy evenings and pumpkin spice EVERYTHING! If these aren’t enough reasons to fall in love with this magical month, then rejoice, because it is also Financial Planning Month!

Started in 2002 by the Financial Planning Association (FPA), this observance was initiated to raise awareness of healthy financial habits. Well, if you’re anything like us, and are looking for some easy/ fun ways to boost your bank account while staying on the path to financial stability and success, then you’ll love these tips and tricks!

Set (and crush) your goals – List out financial goals you are currently working towards or haven’t started on yet and then order these from most to least important. Write down the timeline and amount of money you will need to save on a daily, monthly and/or yearly basis to reach these milestones. Be sure to include a mix of short and long-term goals such as building an emergency fund, paying down/off debt and saving for retirement.

Win the budgeting game with the 50/30/20 rule – This rule states that 50% of your budget should be spent on essentials (food, rent, utilities, etc.), the other 30% should go towards wants (travel, entertainment, etc.), and the remaining 20% should go towards savings and paying off debt. While this is a simple plan, it provides a general snapshot for budgeting and can help individuals and families determine where changes in spending & saving habits can be made if needed.

Make a plan (and stick to it!) – A financial plan can be seen as your personal playbook to a healthy financial future. Once you have something in place (created yourself or with the help of a professional), it is important to review your plan at least once a year to determine if adjustments can or should be made to your short/long-term goals, budget/cash flow predictions, retirement strategy, insurance coverage, or any other areas.

Now that you are armed with the basics, we wish you a month chock-full of financial planning fun. Oh, and happy Fall, ya’ll!

Good Samaritan Ministries (GSM) provides 1-1 counseling, therapy groups, Certified Counselor Training, core-education, and special events locally, online, and throughout 200 centers nationwide. Our services are covered by loving donations and volunteerism.

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