Did you know October is financial planning month? This is a good time to review your plan and work on  the parts of it you may have forgotten. If you update your plan, this is the right time to begin to implement those changes.

To celebrate financial planning month, here are five helpful tips for your financial planning:

  1. Keep contributing to your retirement, educational and other accounts. Many have automatic withdrawals taken from checks monthly. Be sure these are on target to meet your goals. If you handle your own contributions, be prepared to continue throughout the holiday season.
  2. Stick to your budget. This time of year it is easy to ignore your budget and buy that extra comfort snack or meal since the weather is cooler. Additionally, you may also want to resist the temptation to purchase items you don’t need. If you don’t have a budget, it’s never too late. Make one this month.
  3. Save to prepare for the holidays. A bank may be a good place to keep money for holiday spending where you are less tempted to use it for something else. However, you will also need a long-term plan for extended savings since banks do not provide a good return on investment for your money.
  4. Sell what you don’t need. There are many places on-line and locally where you can list those. You may also want to watch for opportunities to purchase slightly used articles and stash them away to give at a later date. You might even wrap up a few for yourself to augment gift-giving in December.
  5. See a financial planner, preferably a Certified Financial Planner (CFP). A financial planner can help you create or update your plan to stay secure in the future. CFPs are professionals who concentrate on the state of the current market and can advise you to invest in the most advantageous ways.

Les Merritt, CFP and CPA, can help you devise a complete customized plan for your financial future. October is a great month to get caught up on planning before heading into the holidays. Contact Les Merritt  at (919) 269-8553 to set an appointment.

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