Every year, the first Wednesday in October is recognized as National Financial Planning Day. This is a great opportunity to sit down, review your finances and check in on your financial health. Whether you're planning for retirement, saving for a dream home, or simply wanting to feel more in control of your finances, consider making this the day to take a step forward.
Below are some topics to consider in reviewing your finances and planning for the future:
- Review Your Budget: Take time to review your monthly budget compared to your actual spending habits. Are you spending more than you should in certain areas? Are there unexpected expenses you’re consistently dealing with that you should be accounting for in your budget? If you need help, check out our budget calculator here.
- Check Your Interest Rates: Do you know what interest percentage you're paying on your loans and credit cards? Are you getting the best rate you can? Take some time to contact your loan providers and investigate these questions and ensure you're doing what's best for your pockets. The less you pay in interest, the more money in your pocket.
- Review Your Insurance Policies: Are you aware of the coverage amount currently offered on your Homeowners insurance? Do you know the amount you can save if you pay your auto insurance annually rather than monthly? Reach out to your insurance agent and review your policies. Do some investigation and see if other companies can offer you better coverage for a better rate!
- Plan for the Future: Do you have a retirement savings plan set up? Are your saving habits on track with your 401k and savings investment retirement plan? Do you have life insurance? Having a plan in place and making savings towards that plan will help ease the burden of expenses when you're older and likely working less.
Do you have questions or need assistance with financial planning? Learn more about our CERTIFIED FINANCIAL PLANNER™ here.