October Financial Planning Month | 5 Financial Tips
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Did you know it is National Finacial Planning Month? Celebrate the month by reviewing your financial plan or starting a new one. Reassessing and making small changes can improve your financial situation.
Financial planning includes examining your finances and creating budgets to ensure a secure future. Getting ahead of the game on finances is beneficial in the long term.
What better month to start than now? Here are five financial tips:
1. Track your spending and budget
Start a spending tracker, whether it is through an app, excel sheet, or on paper. Review the expenses and detect the patterns that may need to change. Try to cut out or reduce costs, such as memberships that you may not use.
Make sure to stay on top and keep track of your spending weekly. Budgeting will help you find new ways to save and budget. If you need help, ask your friends or download budgeting apps.
2. Pay off debt
If you are in debt, it is better to prioritize paying it off. It can feel like it is so far away to worry about it later. However, the longer it goes further you will go into it. Interest charges add up, making it harder to figure it out. If you need help, ask your friends or financial planner about the best way to start paying it off.
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3. Stop paying silly fees
Paying bills on time illuminates late fees and penalties. These not only result in extra charges but harm your credit as well. Fees add up. Whether it's late fees, ATM fees, or overdraft fees.
Try to reduce or eliminate them by opening accounts that don't charge them. Take advantage of banking with those that don't hit you with frequent charges.
4. Start Saving
The only certainty in life is that things will never go as planned, whether a natural disaster or a personal issue arises. Make sure you are ready for the unexpected by starting an emergency fund.
Take a step further into saving and get the right insurance protecting yourself from incidents. As well as a retirement plan may seem far yet, life goes by fast. Ensure you are prioritizing your future by taking advantage of all these opportunities.
5. Still, stuck? Visit a financial planner.
They will help you with your goals and tips to set you on the path to success. They go further in-depth when it comes to investing and saving. Ask around your family or friends for their financial planners and see what they do differently.
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