It seems there is a special day or month for just about everyone and everything. Well, October is special to us because it’s Financial Planning Month!
With the holiday season and end of year quickly approaching, now is an ideal time to review your financial plan and assess your progress.
Here are 2 easy and effective ways to help you get your finances in order:
Put your emergency funds in a high interest savings account. Don’t just let your emergency funds sit in cash. Make it work for you. Many of our nation’s banks pay interest rates as low as 0.01% for a standard savings account as compared to a high interest savings accounts offering 1.80% or more today. Magnify Money produces a list of high interest savings accounts, updating the rates regularly.
Eliminate unnecessary recurring expenses. We all spend money on things we don’t really need. Audit your expenses to determine what unnecessary or underutilized recurring expenses can be eliminated from your monthly expenses. How often are using that gym membership? Do you have magazine subscriptions you don’t read? How about those items from Birchbox?
Be mindful of where your money is going and eliminate unnecessary spending.
THE BOTTOM LINE:
You can take steps to improve your financial situation, regardless of where you currently stand. Small and consistent steps in the right direction make a difference. Happy Financial Planning Month!