Chaos to Clarity: Master your finances this October
Financial Planning Month is observed each October. It’s a time for financial professionals to raise awareness about the importance of financial planning and encourage individuals to take steps toward managing their finances effectively.
Our firm just completed two weeks of providing free educational seminars for folks with whom we have never before interacted, and now I’d like to put forth a personal challenge for our readership.
In light of Financial Planning Month, I challenge you to set a financial goal that is appropriate to your personal financial situation and include a deadline within which you will achieve this goal. Ideas are provided below to get you started.
30-Day Savings Challenge: Save a specific amount of money each day for the next 30 days. For example, start with $1 on day one and increase by $1 each day, totaling $465 by the end of the month.
No-Spend Challenge: Commit to not spending on nonessential items for a set period (e.g., one week or month). This will encourage mindful spending and help boost savings.
Debt Payoff Challenge: Set a goal to pay off a certain percentage of your debt within a specified time frame. Consider tackling high-interest debt first.
Emergency Fund Challenge: Build or increase your emergency fund to cover three to six months of living expenses. It may help to set some milestones you can achieve along the way.
Budgeting Challenge: Create, and stick to, a monthly budget for a few months, tracking your spending and adjusting as needed. Reward yourself for sticking to your budget.
Investment Challenge: Start (or increase) your investments by contributing a set amount each month.
Goal-Setting Challenge: Set specific financial goals (e.g., saving for a vacation or a new car) and create action plans with timelines.
Charity Savings Challenge: Set aside a percentage of your income to donate to a charity of your choice. This can create a sense of purpose while fostering a habit of saving.
Motivational speaker Zig Ziglar is credited with saying, “If you aim at nothing, you will hit it every time.”
This October, challenge yourself to a personal financial goal and reward yourself once you’ve achieved it. Or better yet, set another goal.
Wendy Bennett is a senior financial adviser at Bennett Associates Wealth Management in Butler.
Bennett Associates is a registered investment adviser and does not provide any legal, accounting or tax advice. The material prepared is the opinion of the author and for informational purposes.
